Unit 5.5: The Separate Entity Doctrine “It is a basic doctrine of company law: that for certain purposes a company is a legal entity separate from the legal persons who became associated for its formation or who are now its members and directors. For certain purposes‚ there is a corporate screen around the members and directors. This is often referred as to the ‘Veil of Incorporation.’ The authority for that proposition is the leading case of Salomon v Salomon & Co Ltd [1897] AC 22. The
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ANALYSIS The principle of Separate Legal Entity has stood the test of time because it aims at giving the company a certain practical utility. The separate personality of a company as distinct from its shareholders and this was established by the House of Lords in Salomon v Salomon & Co [1897]. This led to the veil of incorporation; that a registered company is a legal person separate from its members . By separating the management from the investment‚ a company enables the investing public to have
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SEMINAR II The first legal issue relates to the nature of Ferox Co. The relationship between Alex‚ Brian‚ Christina and Sally also need to be clarified in legal terms as well as the relationship of Dominic and the firm at each stage. The second issue is who the persons liable for the first £50‚000 debt and the second £50‚000 from Emily. The third issue deals with the £30‚000 that Dominic borrowed from Francis and the responsible parties who are liable for it. The fourth issue revolves around whether
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Legal Forms of Business Paper Law/531 June 3rd‚ 2011 University of Phoenix Legal Forms of Business Paper Selecting the best form of operating a business depends on the type of business the owner wants to run. The owners have to pick the structure that best meets their needs. “The selection depends on many factors‚ including the ease and cost of formation‚ the capital requirements of the business‚ the flexibility of management decisions‚ government restrictions‚ personal liability‚ tax
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DRAFT for introducing Clinical Legal Education Programme in NLU Jodhpur By: Ajay Singh Brief description of the programme/project/Initiative : Clinical Legal Education needs to be aimed at bridging the disconnect between the Constitutional promise of a dignified life to every citizen and the reality of undignified human existence of majority of the population‚ especially in rural India. The clinical programmes would work to secure the objectives of good governance and citizen participation‚
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Tutorial 2: The Concept of Separate Legal Personality 1. State the legal principle in company law established by the case Saloman v Saloman. What do you think? Do you think that the decision would be the same today? 2. ‘The Salomon decision was a scandalous one which unleashed a tidal wave of irresponsibility into the business community.’ Discuss. 3. When does a company become a separate legal entity? 4. What is the legal effect of incorporation of a company? 5. . Explain the significance
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Legal Structure of Business Organisations Sole Traders General Partnerships Limited Patnerships Limited Liability Partnerships Companies Key Legislation General Law of Contract Partnership Act 1980 Limited Partnerships Act 1907 Limited Liabity Partnerships Act 2000 Companies Act 2006 Liability Unlimited Liability Each Partner jointly and severally liable Limiteed Liabiliy for limited partners and unlimted liability for general partner Limited to the amount tas they have agreed Depending
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means that since the deceased was under the influence of alcohol at the time that he signed over the deed that this contract should be null and void. The deceased lacked the mental capacity to make this type of decision. Therefore this contract is not legal. Conclusion In this case the court ruled in favor of the plaintiff. It was concluded that the defendant obtained the deceased signature while he was intoxicated which deeply impaired his mental capacity to make such a decision‚ therefore it was ruled
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the legal systems of various countries. These legal forms of business include; • Sole Proprietorship • Partnership (General Partnership‚ Limited Partnership and Joint Venture) • Corporation (C Corporation and S Corporation) • Limited Liability Company (Private and Public) These legal forms have been derived according to their Source of the capital‚ Value of capital investment‚ Nature of ownership‚ Number of owners‚ Nature of liability and many other factors. Each legal form
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the Drinking Age The U.S. has the drinking problem. The young people‚ especially the college students‚ drink in excessive ways that have dangerous and damaging effect. Many people say the best way for combat this problem is to keep the Minimum Legal Drinking Age‚ or the MLDA‚ for 21 years and older adults. They argue the worst thing is to encourage more young people to drink alcohol because this will cause more risky behavior and even more deaths‚ as from traffic fatalities. Of course‚ it is
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