In a sole proprietorship or partnership, the owners personally liable.

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The company becomes a legal person in its own right, distinct from the This was seen in the famous case of Salomon v Salomon & Co Ltd (1897).

Separate personality means that the artificial legal person, the company, can do almost everything a human person can do; it can make contracts, employ people, borrow and pay money, sue and be sued, among other things.

For example, the Court has power to disregard the corporate entity if it is used for tax evasion or to circumvent tax obligation." Appear before the House of Lords concerning the principle of lifting the corporate veil Macaura own land on which stood timber.

He sold the land and timber to a company he formed and received as consideration all the fully paid shares.Some years later the company went into liquidation, and Mr Salomon claimed to be entitled to be paid first as a secured debenture holder.The liquidator and the other creditors objected to this, claiming that it was unfair for the person who formed and ran the company to get paid first.The Supreme Court observed: "It is true that from the juristic point of view, the company is a legal personality entirely distinct from its members and the company is capable of enjoying rights and being subjected to duties which are not the same as those enjoyed or borne by its members.But in certain exceptional cases the Court is entitled to lift the veil of corporate entity and to pay regard to the economic realities behind the legal facade.Hottest videos online to present smashing babes when enduring deepthroat oral moments.