Codify the common law action for piercing the corporate veil
What changed between versions
Added a new definition for 'Governmental entity' to clarify that the new rules apply to state and local government bodies.
Simplified the definition of 'Covered person' by removing 'agent' and 'employee' from the list of individuals who can be held liable, focusing instead on owners, officers, directors, and affiliates.
Removed the detailed definition of 'Person' (listing natural persons, corporations, etc.) as it was deemed unnecessary for this specific statute.
Removed the definition of 'Affiliate' and 'beneficial owner' from the main text, likely because they are already defined elsewhere in the Revised Code.
Removed the word 'civil' from 'civil penalties' and changed it to 'other penalties' to broaden the scope of potential liabilities covered.
Added a new exemption stating that providing standard services (legal, accounting, HR, etc.) or sharing officers does not automatically allow a government entity to pierce the corporate veil.
