BTF1010 Lecture Notes - Lecture 11: Corporations Act 2001, Legal Personality, Trading While Insolvent

• School: Monash University
• Department: Business - BTF
• Course: BTF1010
• Professor: Professor

Document Summary

The idea of the company as a separate and artificial legal entity, independent of management and owners (shareholders) and with no tangible form. As s 124 says: a company has the legal capacity and powers of an individual: as a separate legal person: A company is separate from its owners (shareholders) and its managers (ceo and directors, etc) A (cid:272)o(cid:373)pa(cid:374)(cid:455)(cid:859)s p(cid:396)ope(cid:396)t(cid:455) is its o(cid:449)(cid:374), (cid:374)ot the (cid:373)a(cid:374)age(cid:396)s o(cid:396) o(cid:449)(cid:374)e(cid:396)s. A company can sue and be sued in its own name. A company can commit a crime or tort or other wrongful conduct eg. under crimes. It has perpetual succession (unlike a partnership, a corporation continues to operate despite a change in ownership. If shares are sold, or an owner dies, the company still continues to exist) Btf1010 - week 11 lecture - the law of business organisations corporations: overview: the concept of agency [15. 10] Age(cid:374)(cid:272)(cid:455) = (cid:862)a(cid:272)ti(cid:374)g th(cid:396)ough a(cid:374)othe(cid:396) pe(cid:396)so(cid:374)(cid:863: overview: business organisation types.