Separate Legal Entity of Corporation: The Corporate Veil

Authors

  • Muhammad Waqas Abdul Wali Khan University Mardan
  • Zahoor Rehman University Of Peshawar

DOI:

https://doi.org/10.3126/ijssm.v3i1.13436

Keywords:

Corporation, share holders, separate legal entity, Limited liability, corporate veil.

Abstract

The concept of separate legal entity is 500 years old and it means that the corporation is separate in all spheres of its activities. It is separate from its owner, from its employees and due to this separation between the corporation and an individual the shareholders’ liability is also limited. A corporation is established through four different ways i.e. continuity, self-governance, identification persona, and specification of assets. The personhood of a corporation is evolved with the passage of time through different court judgments in which Salomon case plays the role of corner stone. The corporation can own, sell and buy property in its name. The corporation can sue and be sued in the court of law as a legal person.  

Int. J. Soc. Sci. Manage. Vol-3, issue-1: 1-4

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Author Biographies

Muhammad Waqas, Abdul Wali Khan University Mardan

LLM Scholar at Department of Law Abdul Wali Khan University Mardan Pakistan

Zahoor Rehman, University Of Peshawar

Masters Student at Institute of Peace and Conflicts Studies University of Peshawar Pakistan

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Published

2016-01-21

How to Cite

Waqas, M., & Rehman, Z. (2016). Separate Legal Entity of Corporation: The Corporate Veil. International Journal of Social Sciences and Management, 3(1), 1–4. https://doi.org/10.3126/ijssm.v3i1.13436

Issue

Section

Mini Reviews