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The concept of separate legal personality is a fundamental principle in company law. It refers to the legal notion that a company, once incorporated, becomes a separate entity from its members (shareholders and employees). This means that the company has its own rights and liabilities, distinct from those of its members12.
One of the seminal cases that established this principle is Salomon v A. Salomon & Co. Ltd (1897)12. In this case, Mr. Salomon sold his business to a limited liability company, where he and his family were the shareholders. When the company ran into financial difficulties, the court held that the company was a separate entity from its members, and therefore, Mr. Salomon was not personally liable for the company's debts12.
This principle is often referred to as the veil of incorporation, which protects company members from personal liability and prevents outsiders from taking legal action against company members1. However, in certain exceptional situations, the court may decide to "lift" or "pierce" this veil and hold the members personally liable2.
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