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‘The separate legal entity theory for corporations involves the notion of a corporate veil. What is...

‘The separate legal entity theory for corporations involves the notion of a corporate veil. What is the purpose and effect of the corporate veil?

Explain the attributes of a company once it comes into being

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Answer #1

The corporate veil is a legal concept that distinguished the identity of a company from the identity of its shareholders,& provides them protection from personal liability of the debts and obligations of the company. This protection is penetrable. Where a court decide that business of a company was not according to corporate legislation's provision.It may stop the liability of shareholders for obligations of the company under the concept of lifting the corporate veil.

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