Company As Seprate Legal Entity
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The document discusses companies as separate legal entities. It states that according to the 1862 Act, a company is a separate legal entity distinct from its members, shareholders, and directors. As a separate legal entity, a company can own property, enter into contracts, sue and be sued in its own name, has perpetual existence separate from changes in membership, and provides limited liability for its shareholders.
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This document discusses the concept of a company as a separate legal entity. It begins by summarizing the 1897 case of Salomon v Salomon, which established that a company registered as such is legally distinct from its members or shareholders. It then defines the key characteristics of a company, including perpetual existence, ability to own property, enter contracts, sue and be sued in its own name, and limited liability. The document concludes that Salomon's case set the precedent that a company, even if owned by one person, is considered its own separate entity under the law.
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A company is a separate legal entity created by law that has an existence distinct from its owners and managers. It is an incorporated association with key characteristics like perpetual succession, separate legal identity, limited liability for members, and separation of ownership and control. A company comes into existence as a separate legal person once the necessary registration formalities are complete. It can own property, enter into contracts, and sue or be sued in its own right.
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3) The two most important legal documents for forming a company are the Memorandum of Association and Articles of Association. The Memorandum outlines the name, objectives, capital structure and liability of the company while the Articles provide internal regulations and procedures.
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The document provides an overview of key concepts related to companies under the Companies Act, including:
- The definition of a company as a voluntary association created by law with a separate legal identity from its members.
- The advantages of incorporating a company such as limited liability, perpetual succession, and the ability to raise capital.
- The distinction between a company and a partnership in terms of legal status, ownership of property, number of members, and liability.
- The process of registering a new company, which involves filing documents like the memorandum of association and articles of association and obtaining a certificate of incorporation.
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A public limited company must have a minimum of seven members and three directors. The board of directors is responsible for decision making and policy setting through majority rule. A managing director can be appointed for up to five years and one person can only be the managing director of one other company. The duties of directors include acting in good faith and the best interests of the company, exercising independent judgment, avoiding conflicts of interest, and not gaining undue advantages. Directors who contravene these duties can be fined between 100,000 and 500,000 rupees.
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The document discusses the Salomon v Salomon case, which established that a company is a separate legal entity from its shareholders. Mr. Salomon incorporated his boot business, of which he owned all but 6 shares, and took a loan from the company. When the business failed, creditors argued the company was just an extension of Mr. Salomon, but the House of Lords ruled that the company was a separate legal entity and Mr. Salomon was entitled to repayment as a secured debenture holder before other unsecured creditors. The case established that a company remains a separate legal entity even if just one person owns all its shares.
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2) Register the company with the appropriate authority and obtain a certificate of incorporation.
3) Hold the first board meeting to make policy decisions and elect directors and officers.
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The document is a response to an assignment question regarding the statement made in Salomon v Salomon regarding a company being a separate legal person from its members or shareholders.
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Post your response to the following focus questionsDescribe a sol.pdf
Post your response to the following focus questions:
Describe a sole proprietorship and discuss its advantages and disadvantages.
Describe a partnership and discuss its advantages and disadvantages.
Describe a corporation and discuss its advantages and disadvantages.
Describe an S corporation and discuss its advantages and disadvantages.
Solution
Broadly speaking for conducting any type of Business activity we require to have a Business
entity. If the Business entity is owned and operated and managed by a single paerson then such
Business entity is called a sole Proprietorship. It is most simple and subjected to least terms &
conditions governing the business activities. The main disadvantages includes personal liability
of the owner/ propreitor, which is unlimited. A single person being at the helm of affairs poses
limitations on the development and growth of the business. Propreitorship has its death with the
death of the owner.
A Partnership as the word suggest is that form of Business entity which is owned by two or more
persons and formed under an agreement signed by all owners for some common purpose/ goal
and or objectives. A partnership firm is more complicated than the sole propreitorships, two or
more persons as owners may give advatages of sharing resources, knowledge, skills which are
essential for setting up of businesses of sizes unmanageable by a single person. Pooling diversity
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the partners under partnerships may be subjected to unlimited liabilities under or arising out of
the business activities of the Partnership firm. There are additional set of rules & regulations
under the law of the land governing the partnership firms.
The third and the most prefered form of business entity is an incorporated firm called corporation
and or company. A corporation/ company is different from its owners. This form of business
entity draws difference between the owner and management of the business entity. Unlike the
earlier set ups of Sole Propreitor and Partnership, the business activies are conducted neither by
sole owner nor by partners but managers who are considered to be having different identity than
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activities are conducted by the professionals having required qualifications and skills. Just like its
birth, its death is not related to that of its share holders (owners).
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The document discusses key concepts in company law, including:
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Company As Seprate Legal Entity
- 2. Introduction What Is Company? Company As Separate Legal Entity
- 3. The three main forms of business are Sole trader Partnership Company A major disadvantage for sole traders and partners is that they have unlimited liability for the debts of their business.
- 4. According to the 1862 Act, Company is a separate legal entity as distinct from its members; therefore it is separate at law from its shareholders, directors, promoters etc. Companies lives and does its activities at its own existences . It is treated in its own capacity. It does the business. It generates the revenue It can incur losses, It hires the employees and It pays its own taxes.
- 5. The effects of separate legal entity are: It has perpetual existence, despite changes of its members and constitution. It can own property of any kind, and thus buy and sell property in its own name. It can be a party to a contract. It can sue and be sued in its own name. Limited liability. Transferability and transmissibility of shares.