Corporate personality has been described as the “most pervading of the fundamental principles of company law”. It constitutes the bedrock principle upon which company is regarded as an entity distinct from the shareholders, it gives an independent corporate existence.Lifting or piercing the veil is corporate laws most widely used doctrine to decide when a shareholder and members will be held liable for obligations of the corporation. Lifting the veil doctrine exists as a check on the principle that, in general, investor shareholders should not be held liable for the debts of their corporation beyond the value of their investment. The doctrine of corporate veil serves as a secured system in protecting inner functions, however it’s not rigid it can be lifted when there is a proven allegation on the company and its functions. The corporate evil is said to be lifted when
the court ignores the company and concerns itself directly with the members or the managers. This paper talks about characteristics of corporate personality and effects of lifting the corporate veil.

Keywords: Corporate Personality; Corporate Veil; Bedrock Principle; Pervading Anddoctrine.