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Lovell & Taylor Inc. is a close corporation with 14 shareholders. The corporation has eliminated its board of directors, is managed by its shareholders, and
Lovell & Taylor Inc. is a close corporation with 14 shareholders. The corporation has eliminated its board of directors, is managed by its shareholders, and holds no annual meetings. It owes $30,000 to a creditor, Burke Construction, yet has only $20,000 in its bank accounts. Discuss whether Burke may pierce the corporate veil so as to hold the shareholders liable for the remainder of the corporation's debt.
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