The corporate veil is most likely to be pierced and the shareholders held personally liable if
A. The corporation has elected S corporation status under the Internal Revenue Code.
B. The shareholders have commingled their personal funds with those of the corporation.
C. An ultra vires act has been committed.
D. A partnership incorporates its business solely to limit the liability of its partners.
Answer: B. The shareholders have commingled their personal funds with those of the corporation.
Business
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