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Mr Salomon owned 20,000 £1 shares, and his wife and five children owned one share each.Some years later the company went into liquidation, and Mr Salomon claimed to be entitled to be paid first as a secured debenture holder.He sold the land and timber to a company he formed and received as consideration all the fully paid shares.The company carried the business of felling and milling timber. Macaura had earlier insured the timber against loss of by fire in his own name. He subsequently sold the plantation to a company of which he was the only shareholder, through the purchase money remained owing to him.He had not transferred the insurance policy to the company. After the sale, Macaura continued to insure the plantation in his own name. When Macaura attempted to claim on the policy, the company refused to pay.

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.For all intents and purposes, all acts taken by these two company types are taken by the owners themselves.The company becomes a legal person in its own right, distinct from the This was seen in the famous case of Salomon v Salomon & Co Ltd (1897).Once a company or corporation is formed, the business which is carried on by the such company or corporation is the business of that company or corporation and is not the business of the citizens who get the company or corporation incorporated and the rights of the incorporated body must be judges on that footing and cannot be judged on the assumption that they are the rights attributed to the business of individual citizens.The court held that the income-tax authorities were entitled to pierce the veil of corporate entity and to look at the reality of the transaction to examine whether the corporate entity was being used for tax evasion.The plaintiff, who was the major shareholder and managing director of the company, sought to conduct the company’s defence.The court held that while a human person can represent him or herself in court, a legal person such as a company can only be represented by a solicitor or barrister.The result was that Mr Salomon was entitled to be repaid the debt as the first secured creditor.In this case, Mr Salomon was the major shareholder, a director, an employee and a creditor of the company he created.

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