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Corporate Law 1 (1)

Corporate Law 1 (1)

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Published by Vj Auti

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Published by: Vj Auti on Feb 11, 2013
Copyright:Attribution Non-commercial

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02/21/2013

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Corporate Law
 
 FEATURES OF COMPANY
 
Company is a Separate Legal Entity
Perpetual Succession
It can sue and be sued in its own name
The liability of the shareholders are limited to the extentof their shareholdings
Separate Management
It can hold property in its own name
Common Seal
One Share One Vote Concept.
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LIFTING THE CORPORATE VEIL
we have already studied once a company is formed andregistered as per law, it is a separate legal entity from itsmembers. Further it has been established by the judiciaryalso that a company is a quite distinct legal personalityfrom the persons who have formed it.
House of Lords has also observed it in a very famouscase namely
Solomon Vs Solomon and Company Ltd
.But there are certain exceptions to this fundamentalprinciple of separate corporate personality, where the veilis lifted or pierced and the identity of the members isrevealed. It means that where the law disregards thecorporate entity and pays regard instead to the individualmembers behind the legal facade due to certainsituations or circumstances, it is known as lifting the veilof corporate personality.
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