MGT393H5 Lecture Notes - Lecture 3: Legal Personality, Typee, Pactor
Document Summary
Class three/four handout (all points may not be covered: once legally incorporated treated like any other independent person with rights to own assets is an artificial being; intangible and existing only in contemplation in law; Overview: and enter into contracts; to take on debt and be liable for same; corporation is always distinct form its incorporators and shareholders; Class examples re: use of corporation for risk management. {both adv. and disadv depends on the situation} Disregard corporate entity page for case info: salomon"s case (implications, piercing the corporate veil (possible but strict criteria) Extract from house of lords in salomon decision: ; will not impact ability to conduct business. Page 1 of 11: special acts, articles of incorporation (most common. 4. (1) one or more individuals or bodies corporate or any combination thereof may incorporate a corporation by signing articles of incorporation and complying with section 6.
