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What is Salomon Case: Legal Entity Principles about?

Aaron Salomon incorporated his sole proprietorship business into a private limited company with himself, his wife, daughter, and four sons as the seven required shareholders. However, Salomon owned most of the shares and the company took on significant debt to Salomon. When the business failed, creditors argued the company was an alias for Salomon. The House of Lords upheld the separate legal entity principle, finding that Salomon had formed a valid limited company and was not personally liable for its debt

Author

Munira Vohra

Language

EN