Please discuss the following questions: 1)Why is Solomon v. Solomon & Co an important case? 2)...

Please discuss the following questions:
1)Why is Solomon v. Solomon & Co an important case?

2) What is the significance of a corporate veil in a business point of view?

Solutions

Expert Solution

Answer 1=Solomon v. Solomon & Co is an important case as in this case, the court found that the company that is formed as per the guidelines and provisions of the Companies Act will be treated as a separate and distinguished legal entity or person in the eyes of the law rather than being the agent of its promoters. This decision resulted in the development of the bedrock principle of corporate personality and it can be seen as a very important limited liability concept.

Answer 2= Corporate veil is an important concept in the corporation -shareholder relationship. According to this concept, the shareholder and the corporations both are separate legal entities and shareholders will not be personally liable for any type of debt and other types of obligations created by the operations of the corporation. So the corporate veil is an important concept in business as it protects the interests of the shareholders in case of there is an unlimited liability on the corporation by distinguishing the assets of both

keosha answered 1 year ago

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