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Q: A company is a legal person distinct from its members taken individually or collectively
A: A company is a separate legal entity as distinct from its members, therefore it is separate at law from its shareholders , directors , [ promoters etc and as such is conferred with rights and is subject to certain duties and obligations. These central principles of company law were first laid down in very clear terms by the House of Lords in the case Salomon v Salomon & Company Ltd [1897] AC 2
. The ruling outlined in part in the quoted text of the assignment from Lord Macnaghten’s ruling has several important consequences, not least that where the liability of the members is limited, they cannot, only in exceptional circumstances be held liable for the companies debts. ]
Expert answered|zpaasoyd|Points 10|
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Asked 10/15/2013 5:21:48 AM
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