Legal entities

The corporate veil is defined as a legal concept that separates the personality of a corporation from the personalities of its shareholders, and protects them from being personally liable for the company 's debts and other obligations. The corporate veil is pierced through legal decision which treats the rights or duties of a corporation as the rights or liabilities of its shareholders. There are several circumstances in which the courts will consider piercing the corporate veil: 1) fraudulent representation

responsible for all aspects of the business. The owner is personally responsible for all debts of the business, even in excess of the amount invested. The business and its owner are thus considered the same entity. The advantages of a sole proprietorship include: a. Low start up costs, as legal and filing fees are at a minimum. However, many states and cities require a filing with county clerk. b. Greatest freedom from regulation and paperwork. c. Owner is in direct control, with no interference

international subsidiaries, wholly owned or otherwise, with the corporate veil ensuring that each of these enjoy separate corporate legal personality and limited liability. The existence of these ‘corporate groups’, with subsidiary companies being heavily controlled by their parent companies, have necessitated interpretations and applications of existing corporate legal principles to this novel context, even in case of the basic tenets of corporate law. The circumstances associated with corporate veil

decision making decreases as it get divided among the stakeholders. Tax: taxation is also the one of the important factors as in PLC or proprietary limited Company the tax implication is the same as the other sole and partnership. which are pass through entities which means profit and losses are simply passed to the owners as it is while in corporations there is double taxtion as corporation has to pay a separate tax on its earning. Why not partnership? Now we

is registered and the certificate of incorporation is issued a company is treated as a separate legal entity otherwise referred to as the ‘corporate veil’ which identifies the shareholders of a company and the actual company as two separate legal entities. The famous Salomon case which I will refer to in more detail was an important case in establishing the fact that a company is a separate legal entity and different from its members. This case determined the course of modern company law and the nature

“In spite of the obvious economic connection between companies within the same group, English company law has steadfastly maintained its policy of treating such companies as distinct legal entities.” Explain this statement. Consider the need for reform. Contents Introduction 3 Salomon v Salomon 4 Lifting the veil of incorporation 5 Fraud 5 Façade or a sham 5 Groups of Companies 7 Adams & Others v Cape Industries plc 10 Is there a need for reform? 12 Conclusion 14 Bibliography 16

Selecting a form of entity for doing business. Tax payers, who are business owners, including the self-employed, have choices regarding how to set up their entity for tax purposes. Generally, the following options are available for tax payers: Sole Proprietorship Single Member Limited Liability Company “S” Corporation “C” Corporation Sole Proprietorships do not file any documents, including annual reports, with the Secretary of State. Accordingly, they do not have legal or creditor protection

In this essay I will begin with the concept of a company having a separate corporate personality and limited liability with their importance in company law. The doctrine of separate legal personality which was made by the House of Lords in Salomon v Salomon and co ltd (1897) was the landmark case. Furthermore I will describe the concept of the ‘veil of incorporation’. I will give relevant cases of when the veil of incorporation can be lifted by the courts and statuary provisions, for instance, s

Introduction This essay will examine the legal standing of the doctrine of 'separate legal personality ' as it was developed in Salomon v. Salomon & Co Ltd [1897] AC 22. Even though this doctrine is the stone head of the English company common law, the courts introduced several exceptions which undermined the 'veil of incorporation '. The exceptions were firstly introduced in the mid-60s by Lord Denning in Littlewoods Mail Order Stores Ltd. V IRC [1969], and allowed the court to lift the veil

Business the AA Name: Jamal Kelly Institution: Redbridge College Business Organization A business is an organization that undertakes the exchange of goods or services for monetary gain. An economic system refers to the manner in which a nation or state is organized in the exchange of goods and services, production and allocation of resources. The economy is made up of three sectors; the private sector, public sector and voluntary sector. The private sector is made up of private