The "Corporate Veil" is a legal concept that separates a corporation's identity from its owners or shareholders. This means that the personal assets of the owners are generally protected from the corporation's debts and liabilities. If a corporation faces financial trouble or legal issues, creditors typically cannot pursue the personal assets of the shareholders. However, there are situations where the corporate veil can be "pierced." This occurs when courts determine that the separation between the corporation and its owners is not legitimate, often due to fraud or misuse. In such cases, individuals may be held personally liable for the corporation's obligations.