Explain the term lifting the corporate veil

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Reference no: EM132850147

1. Identify and discuss four effects of the rule of separate identity as established by the decision in the case "Saloman v Saloman (1897)" Use the case to illustrate your point.

Explain the term "lifting the corporate veil" Discuss three situations in which the court will act in accordance with this principle.

2. The judgement in Salomon v Salomon (1897) should have been decided differently. It established that a correctly registered company possesses a legal identity spate from its shareholders. The results is a situation where unscrupulous traders may exploit a position of trust, and has left unsecured creditors in a precarious position.

Using appropriate case law and practical examples, critically assess the above statement, Justify your conclusions.

3. Identify FOUR main forms of business and write briefly on each. Ensure that at least two advantages and two disadvantages and one characteristic are in your description.

4. What is a Partnership and Private Limited Company?

5. Identify and discuss the effects that a formal partnership agreement is likely to have on an existing informal general partnership.

6. Discuss four main difference between a Partnership and Private Limited Company.

7. Explain the difference between authorized share capital and issued share capital.

8. Explain at least 5 issues relating to the formation of partnership.

9. Define the following terms:

a. Contractual Capacity

b. Separate Legal Entity

c. Perpetual Succession

d. Limited Liability

10. State the function of the following documents and Identify the information they provide:

a. Prospectus

b. Memorandum of Association

c. Articles of Association

11. Explain the role of a Promoter as it relates to Incorporation of Companies.

12. List and explain 6 different types of remedies for misstatement in the Company prospectus

13. identify at least five differences between Private and Public Corporations.

Reference no: EM132850147

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