This document discusses different theories of legal personality, including:
1. Fiction theory - A corporation is a legal fiction created by law and separate from its members.
2. Concession theory - A corporation is a creation of the state through concession.
3. Group personality theory - A corporation has a real existence as a collective group.
4. Bracket theory - Corporate personality is an economic device to simplify legal relations and the law can look behind the entity.
5. Purpose theory - A corporation is a "subjectless" property for a particular purpose, not a person.
It also discusses advantages of incorporation like collective ownership and action, successive existence, and a freely transferable share