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ACCOUNTANTING & FINANCE YEAR 2 BUSINESS LAW ASSESSED ESSAY The fundamental concept to become familiar with when commencing a business is the idea that the business has a legal personality in its own right, particularly when it assumes the form of a Close Corporation, or a Limited Liability Company. This essentially means that if one commences business as a Close Corporation, or as a Limited Liability Company, then the Corporation or Company is a legal entity with distinct legal personality separate to that of the owners, members, or shareholders. Corporate personality was created by statute in the first half of the 19th century, but the full significance of this provision was not appreciated until the famous case of Salomon v Salomon & Co in 1897. In Salomon, Salomon (claimant) had been a...

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