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The corporation is liable for its taxes - not the owner.This is how corporations may sue and be sued, and their assets are tracked separately.The liquidator and the other creditors objected to this, claiming that it was unfair for the person who formed and ran the company to get paid first.However, the House of Lords held that the company was a different legal person from the shareholders, and thus Mr Salomon, as a shareholder and creditor, was totally separate in law from the company A Salomon & Co Ltd.Separate personality means that the artificial legal person, the company, can do almost everything a human person can do; it can make contracts, employ people, borrow and pay money, sue and be sued, among other things.The ‘veil of incorporation’ is the rather poetic term given to this separation of the company from its shareholders or members.

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In other words, if a corporation, in the course of doing business, is involved in any legal action, then the corporation, for legal purposes, is its own person.The ‘corporate veil’ surrounds the company of Murphy & Co Ltd and prevents outsiders challenging the operation of the company.However, although the principle of separation is central to company law, there are a number of situations when the company and its members can be identified together and treated as the same.If a corporation is sued, then the owners will not have their personal belongings at risk unless those belongings were purchased with illegal returns from the corporation.In a sole proprietorship or partnership, the owners personally liable.The principle in Salomon’s Case that a company is a legally different person from those who control it represents the current law in Ireland.

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