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ARON SALOMON
1.
2.
3. OUTLINE
o Back Ground Of SALOMON Vs SALMON
o Decision Of House Of Lord
o Company
o Company as a separate legal entity
o Conclusion
4. BACKGROUND
o Sole proprietor ship business
o Shoe business
o 7 family members
o Incorporation of company
o Protest of workers
o Liquidation process of company
6. SALOMON & COMPANY LTD
o Proprietorship to company
o At least 7 members according to victoria
law
o Acquiring of proprietorship
o Consideration of 38,000 pounds
7. MEMBERS OF SALOMON & COMPANY LTD
o Aron Salomon with 20,000 equity shares
o Aron Salomon as board of director
o One person company
o With all family members as active partners
and share holders
8. CREDITORS
o Aron Salomon , 20,000 debentures of 1
pound each
o Unsecure creditor Mr. Broader with 6,000
9. LIQUIDATION PROCESS
o Assets of 6,000 pounds
o Liabilities of 16,000 pounds
o Secured creditors with 10,000 pounds
o Unsecured with 6,000 pounds
o No difference between Salomon and
company
11. COMPANY AS SEPARATE LEGAL ENTITY
o Qualities of separate legal entity
o Artificial person
o its own legal existence and personality
o Own , buy and sell property on its own name
o Perform contract
o Use its own name
o Limited liability
o Transfer its own shares
12. CONCLUSION
o Salomon's case established new boundaries
that in law a registered company is an entity
distant from its members , even if the person
held all the shares in company .
o There is no difference in principle between a
company consisting of only two share holders
and a company consisting of two hundred . In
each case the company is separate legal entity.
