The document discusses the concept of lifting or piercing the corporate veil. It begins by explaining that a corporate veil separates a company's actions from its shareholders' actions, protecting shareholders from liability. However, courts can lift the veil and hold shareholders liable depending on the facts of the case. It then provides examples of reasons why a court may lift the veil, including when a company is a sham or fraud, acts as an agent, violates public policy, or is formed to evade taxes. The document also discusses statutory provisions under which the veil can be lifted, such as having too few members, failing to refund application fees, misdescribing the company name, or fraudulent trading.