Why I Went to Law School: FLUU COOP
I just took an Indiana essay on corporations. How’d I do? Terrible. Too many factors to learn. One I MUST MEMORIZE are the “factors” around piercing the corporate veil – where creditors can go after company officers personally if they FLUU COOP. (I’ll let you know what those stand for at the end of this post – to see if I can memorize them.)
Also today, I was digging around in my office and a few other crazy places for a thing when–I stumbled upon a sealed letter from myself, to myself on why I went to law school. I wrote this letter back in what seemed like yesterday, 2008. So on the back of the seal, I had written, “DO NOT OPEN UNTIL YOU GRADUATE FROM LAW SCHOOL” – hey, that time has passed, so I ripped the sucker open!
What did it say? It was hilarious! I actually forgot what I had written. But, I’m saving that fodder for a future publication–promise. Meanwhile, just yesterday, a law school video also came out on why I went to law school here–you can watch it for giggles. I certainly giggled. (Don’t we all just think we’re hilarious on video?)
I won’t lie, either – I’m really starting to freak out about the bar. I’m actually getting WORSE at answering MBE multiple choice questions. And I know, I know – I need to GET BACK TO STUDYING, pronto! But – it’s always good to talk about WHY one is doing something as a positive reinforcement. Why did I go to law school? Well, knowing and re-understanding that makes me study that much harder!
And here, I’ll attempt to name the FLUU COOP piercing the corporate veil factors now – ready?
Lack of formalities (records)
Use of corporation for illegal or fraudulent acts
Co-mingling of assets
Observing corporate formalities – or lack thereof
Other shareholder acts or conduct of corporate form (I need to look this one back up)
Payment by corporation of individual obligations
I didn’t have to look up. Too many of them.