I've owned my own corporation since 2002, and I'm the only shareholder. I do my business under the corporation, but I've neglected to keep up with formalities. It's been years since I held an annual shareholder meeting, and I've never even issued myself shares.
I'm now facing a situation where the corporation may be faced with a lawsuit soon. I've read all about piercing the corporate veil, and from what I gather, I can be held personally liable for corporate debt if I don't maintain corporate formalities. If I start running the corporation correctly (i.e., issue shares, hold my annual meeting, etc.), will it make up for the fact that I haven't done so for the past several years? What can I do to avoid piercing?