Lifting the Corporate Veil: An Unpredictable Practice Law Coursework
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The dicta of Salomon brought a large number of novel consequences. More significantly, the House of Lords enshrined the notion that the company exists as a separate entity from its members – the company, therefore, took on its own personality, capable of being sued and of taking legal action, of entering into contracts, of owning its own property, and of making profits and suffering losses.