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Lifting the corporate veil is a more general term that refers to any situation in which a court disregards the separate legal personality of a corporation. This can happen for a variety of reasons, such as fraud, illegality, or abuse of the corporate form. Piercing the corporate veil is a more specific term that refers to a court holding the shareholders or directors of a corporation personally liable for the corporation's debts or actions.

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The case is called Salomon v A Salomon & Co Ltd because it was a legal dispute between Mr. Aron Salomon, the founder and majority shareholder of A Salomon & Co Ltd, and the company itself. Mr. Salomon was the plaintiff in the case, while the company, represented by its liquidator, was the defendant.

Mr. Solomon did not form an ordinary unlimited liability partnership with his family members because of the risks involved. In an ordinary unlimited liability partnership, all partners are personally liable for the debts and liabilities of the partnership. This means that if the partnership goes bankrupt, the partners could lose their personal assets, including their homes and cars. Mr. Solomon may have been concerned about the risks of unlimited liability for his family members. He may have wanted to protect their personal assets in case the partnership failed. He may also have wanted to give them more control over their own financial affairs.

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