LW1032
LEGAL AND REGULATORY FRAME WORK
STEVEN GALLAGHER
A company as legal entity which has separate legal identity from its members and is ordinarily incorporated to undertake commercial business. A company is defined in different forms such as:
Sole trader
Partnership
Public companies
Private companies
Limited companies
And unlimited companies
The companies act 1985-2006 is an act which sets out the responsibilities of the companies there directors and there secretary the act only applies to companies that are incorporated under it
http://en.wikipedia.org/wiki/Companies_Act_2006#Implementation
In the companies act 1985-2006 defines a company that has been registered under law and this act.
Once you register a company and are incorporated the company and the individual are separate bodies
The last significant development in the history of companies was the decision of the House of Lords in Salomon v. Salomon & Co. where the House of Lords confirmed the separate legal personality of the company, and that the liabilities of the company were separate and distinct from those of its owners.
A company has two separate identities such as the case below that argues that they separate in terms of the company and the individual.
http://en.wikipedia.org/wiki/Company_(law)
Such as the case of saloman v saloman & co where the house of lords enabled solomon to not pay off the debts with his personal money which means his got limited liability in which case was a benefit such as if he had unlimited liability he would be liable for his own debt and would have to pay out from his own money.
The different forms of companies have differ ...