Question

State the legal principle on company law established by the case of Salomon vs Salomon &...

State the legal principle on company law established by the case of Salomon vs Salomon & Co. Ltd. (1897) A 22

Business   Operations-Management   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The case of Salomon vs Salomon & Co Ltd . helped to establish the separate entity concept, which means that the business is an entity that is separate in all respects, which translates into the business having a separate legal personality, obligations, rights which are different from that of its shareholders.

However, it also states that the state has the full right to "unveil the corporate veil" to understand the true nature of the conducting the business if it feels that there has been some foul play committed by the stakeholders and hold them personally responsible for any misdoings in the business leading to its peril or downfall.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Principles laid down in law in the case of Salmon Vs Salmon and Co Ltd 1897....
Principles laid down in law in the case of Salmon Vs Salmon and Co Ltd 1897. AC 22
In the case of Gilford Motor Co Ltd v Horne, which of the following statements is...
In the case of Gilford Motor Co Ltd v Horne, which of the following statements is untrue? Group of answer choices Horne’s company was held to be subject to the same contractual provisions as Horne was himself The decision in Gilford Motor Co Ltd v Horne was overruled by the Supreme Court in Prest v Petrodel Resources Ltd Horne’s company was held by the court to be a sham company The case is an example of piercing the veil of...
LAW In the landmark case of Heart of Atlanta Motel v. United States, Congress established the...
LAW In the landmark case of Heart of Atlanta Motel v. United States, Congress established the right to regulate business within a state (“intrastate commerce”) if it affects interstate commerce. why this case is important to travelers. Why is it important?
What is the law which has been decided in the case of Associated Metal Smelters Ltd...
What is the law which has been decided in the case of Associated Metal Smelters Ltd vs Tham Cheow Toh (1971) 1 MLJ 271?
A fundamental principle of contract law is that parties can enter into an agreement with whomever...
A fundamental principle of contract law is that parties can enter into an agreement with whomever they wish to contract with—in other words, the court will not intervene. Which of the following would be an exception to this principle? Select one: a. If one of the parties is a limited liability company b. If the contract value is for less than $50.00 c. If one of the parties can prove duress d. If both parties failed to obtain independent legal...
The Partnership Act 1890 section 24 sets out rights of partners (in default of their own...
The Partnership Act 1890 section 24 sets out rights of partners (in default of their own agreement). Which one of the following is not included in section 24? Group of answer choices The right to share equally in the capital and profits of the business. The right to be indemnified by the firm for any liabilities incurred or payments made in the course of the firm's business. The right to a salary The right to take part in the management...
The question should be answered in this approach if possible 1. Area of Law 2. Legal...
The question should be answered in this approach if possible 1. Area of Law 2. Legal 3. Cases and Authorities 4.Discussion and Application of the principles of the law to the issues. 5. Conclusion 6. Legal advice                                                                                                                                                          kofu, an entrepreneur conceived the idea of establishing a company which when is registered shall be known as bare beauty with the sole aim of investing in diamond trade and other precious jewelry.  BLESS LEMON, a popular returnee from Germany popularly called BLESS...
Willie Griggs Vs Duke Power Company Case: Do you think the case was unfair or fair....
Willie Griggs Vs Duke Power Company Case: Do you think the case was unfair or fair. Give your full opinion.
Does a company policy override a local, state, or federal law or does a local, state,...
Does a company policy override a local, state, or federal law or does a local, state, or federal law override a company policy? Provide justification for your reasoning.
Political/Legal/Ethical Issues in Business Jurisdiction Case—Chicken Chalet An Arizona company owned a franchise for a Chicken...
Political/Legal/Ethical Issues in Business Jurisdiction Case—Chicken Chalet An Arizona company owned a franchise for a Chicken Chalet restaurant, which it operated in Arizona. The franchisee refused to discontinue operating after the franchise was terminated. The franchisor, Chicken Chalet Inc., a Florida corporation, wants to file a lawsuit in Florida against the Arizona franchisee. The franchisee claims that the Florida court has no personal jurisdiction. Does either the Florida state court or Florida federal court have jurisdiction? To answer this question,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT