The document discusses the concept of separate legal entities (SLE) in companies through various case laws. It explains how SLE emerged to limit the liability of shareholders. The key points are: 1. Early company laws held proprietors and partners personally liable for company debts. SLE was established to limit liability to investment amounts. 2. Several cases established that a company is a distinct legal entity from its owners and management. Owners cannot claim exemptions meant for the company. 3. In some cases, courts have "lifted the corporate veil" to look past the company as an entity. This is done to prevent tax evasion or when a company is controlled from an enemy country. 4.