The recent Hobby Lobby ruling by SCOTUS has sparked debate throughout the country. One of the more concerning questions that the ruling has led to for business owners is whether or not the ruling weakens the strength of the corporate veil.
The corporate veil is a legal term that refers to the protection offered by incorporating a business. Essentially, moving forward with an LLC or other business designation allows an entrepreneur to operate his business without fear of putting personal assets at risk in the event of a lawsuit. In theory, if a creditor were to file a suit against the business the suit would attack the business assets only, not reach through to the owner's or shareholder's assets.