Blog & News - Walsh Banks Law

Helping Businesses Recover From the Economic Crisis Caused by the Coronavirus Pandemic

By Brian Walsh on April 27, 2020 / Coronavirus Recovery

This is a challenging time to be a business owner. The ramifications of the Coronavirus (COVID-19) pandemic have created an atmosphere of uncertainty in the Florida economy. Although, we in the Greater Orlando area are faring better than some other areas in Florida, and nationally, local businesses are facing unprecedented financial, legal and operational challenges. Despite the uncertain nature of the current crisis, we will recover. Some businesses, due to the necessity of social distancing and stay-at-home-orders, will find it harder than others to stay open and maintain viability. For other businesses, there will be disruptions. Those disruptions will have financial and legal implications. However, there is help available. Billions of dollars in aid are available from both State and Federal relief programs, designed to

How to Prevent Piercing the Corporate Veil

By Brian Walsh on January 29, 2020 / General Business

One of the reasons business owners go through the legal formalities to incorporate their enterprise is to avoid risking personal liability for the debts of the business. If a court chooses to pierce the corporate veil, the owners of the business lose all of these protections. Fortunately, the courts in Florida are reluctant to take the drastic step of piercing the corporate veil. But it does happen. There are several principles business owners should follow to prevent a court from having any reason to consider piercing the veil. Appearances Matter One of the first principles that business owners trying to protect their personal assets need to understand is that in the legal system, appearances do matter. The more suspicious any business activity appears the more

What is Piercing the Corporate Veil?

By Brian Walsh on January 1, 2020 / General Business

When you’re opening a new business, one concept you may run across is “piercing the corporate veil.” But, what is a corporate veil? And, what does it mean to pierce it? One of the most significant advantages of creating a corporation or limited liability company (LLC) is to limit your liability, shield your personal assets from your business liabilities. That shield is known as the “corporate veil.” Piercing the corporate veil means that something happened to cause you to lose this shield, and comes up most often during business litigation. What Is The Corporate Veil? The corporate veil is a legal concept. It is a kind of legal wall that separates your personal assets and liabilities from your business assets and liabilities. It is One