Logged out
Access All our Essays in an Instant
Swap your work for FREE access, or pay £4.99 for instant access
Separate Legal Personality.
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
Page Preview
On the left is an image preview of every page of this document, and below are the first 150 words with formatting removed:
SEPARATE LEGAL PERSONALITY A corporate legal person is very different from the natural or human legal person. It has neither body, mind nor soul. In the Case of Sutton's Hospital1, it was said that it invisible, immortal and rests only in the intendment and consideration of the law. A company in itself is an artificial legal person and its member's liability are limited. Limited liability invariably means that if the company is insolvent, the shareholders and others engaged in the management of the company can restrict their liability for the debts of the company. An artificial legal person in the form of an incorporated company is in law an entirely distinct and separate legal personality from its members. This principle is called the veil of incorporation and was belatedly established in the Salamon v Salamon2 in which Lord Mcnaughten stated "the company is at law a different person altogether...
To see the full version of this document, and 145,328 others
