PIERCING THE CORPORATE VEIL Definition

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PIERCING THE CORPORATE VEIL is a legal concept through which a corporations shareholders, who generally are shielded from liability for the corporations activities, can be held responsible for certain actions.

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FUND is a pool of money normally set apart for a purpose, for example, a pension fund to provide pensions.

TRADING PROFIT is that profit earned from the short-term trading of securities that were held for less than one year. Such profit is usually subject to tax at regular income tax rates.

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