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Critically discuss the concept of separate legal entity and its legal consequences and significance for participants, creditors and the economy generally
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| Submitted: Mon Apr 24 2006
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The concept of separate legal entity: The double-edged sword Critically discuss the concept of separate legal entity and its legal consequences and significance for participants, creditors and the economy generally Introduction: the Concept of Separate Legal Entity A legal person is described as any human or otherwise who has rights and duties by law. In modern civilized communities all human persons fall into this category however this was not always the case e.g. the slave trade. The concept of the separate legal entity of a company recognizes a company, once incorporated, as a legal person and thus is to be regarded as separate from its members. Assuming limited liability and identified by distinct membership, property ownership, share transferability, perpetual succession, and the other attributes of incorporation, the corporation has many economically and socially beneficial functions. Legal entity distinct from its members One of the most fundamental attributes of the corporate personality is that the...
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