The term: 'lifting the corporate veil' refers to giving rights and obligations to persons who would otherwise be protected by the separate legal entity principle.

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Lifting the corporate veil refers to the legal process of disregarding the separate legal identity of a company or organization and holding its shareholders or directors personally liable for its debts or actions. This is done to prevent individuals from using the corporate structure to avoid personal responsibility or to commit fraud. When the corporate veil is lifted, the protection that the separate legal entity principle provides is removed, and the individuals behind the company can be held accountable.

The Term: 'Lifting the Corporate Veil' Refers to Giving Rights