Inadequate capitalization Failure to follow formalities, Funds siphoned or commingled Corporation functioned as a façade of shareholders so that they were treating the assets as their own. There must be some element of injustice that would occur if the shareholder was allowed to avoid personal liability. Fraud Effect of piercing the corporate veil Fraud Effect of piercing the corporate veil Enterprise Liability Equitable Subordination of Shareholder Claims (“Deep Rock” doctrine) Under certain circumstances, the court may disregard the corporate entity Enterprise Liability Equitable Subordination of Shareholder Claims (“Deep Rock” doctrine) Piercing the Corporate Veil