Assignment on Legal Personality, Limited Liability, Courts’ Attitude in Lifting the Corporate Veil as well as Courts’ Likings and Reluctance Thereto

Legal personality may be described to indicate as personality attached by law. Strictly speaking, a company by incorporation is vested with a legal personality which is distinct from the members who compose it. The outstanding feature of a company is its distinct legal personality. A company is in law a person. It is a distinct legal persona existing independent of its members. As a distinct entity company can play the role of a single contracting party. The first and most important contribution of corporate law, as other forms of organizational law is to permit a company or a firm to serve this role by p providing for the creation of a legal person- a contracting party distinct from the various individuals who own or manage the company or the firm.