Corporate legal personality

  • The corporate personality hypothesis essentially asserts that a corporation has a separate legal identity from its members.
    The idea of corporate personality is used in both English and Indian law.
    The company's creditors can only sue the corporation to recover their money; they cannot sue individual members.
  • This means the company becomes a legal person that has rights and obligations, for example it can own property and assets, sue and be sued in its own right.
    This article looks at how the fundamental principle of legal entity and personality first developed and how it compares to limited liability.
Corporate personality is the fact stated by the law that a company is recognized as a legal entity distinct from its members. A company with such personality is an independent legal existence separate from its shareholders, directors, officers and creators. This is famously known as the veil of incorporation.
In the principle of corporate personality, a company is classified as a separate person from its member. Therefore, company as a separate legal entity should have perpetual succession, proprietary interest, debts, limited liability and may sue and be sued in its own name.

Is a company a legal person or persona ficta?

This article focuses on the source of corporate legal personality, applying an historical lens to show that the status of a company as a legal person or persona ficta is of long standing.

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What is a separate legal personality?

This chapter discusses how separate legal personality can be explained as a solution developed by company law to address the problem that organizations are social rather than brute facts.
For a company to come into existence, certain documents need to be registered.

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What is corporate legal personality?

Status as a legal person is different to the type of sociological personality that a group of individuals may develop organically that is recognised by the law; it also means corporate legal personality is more significant than just a shortcut mechanism to describe a collective of individuals or a set of characteristics.


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