A corporation is an artificial legal entity created by process of law, possessing unique attributes that separate it completely from the natural persons who form it.
This unit examines the core concept of Corporate Personality, the incorporation procedure, and the judicial/statutory grounds for Lifting the Corporate Veil.
🔑 Key Learning Areas:
- The landmark separate legal entity doctrine established in Salomon's case.
- The advantages of incorporation: limited liability, perpetual succession, and separate property.
- The circumstances under which courts ignore corporate personality to target individual actors.