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The corporation is liable for its taxes - not the owner.
This is how corporations may sue and be sued, and their assets are tracked separately.
If a corporation is sued, then the owners will not have their personal belongings at risk unless those belongings were purchased with illegal returns from the corporation.
In a sole proprietorship or partnership, the owners personally liable.
He had not transferred the insurance policy to the company. After the sale, Macaura continued to insure the plantation in his own name. When Macaura attempted to claim on the policy, the company refused to pay.
The issue was whether Macaura had an insurable interest at the time of the loss.
The principle in Salomon’s Case that a company is a legally different person from those who control it represents the current law in Ireland.
For example, if I form a company called ‘Murphy & Co Ltd’ in which I own one hundred per cent of the shares and am a director and employee, legally speaking the company and myself are two distinct people.
Macaura's case is depending upon the fact that Company whether private or public is distinct from his owner if he took the policy from insurance company at the name of company then he could claim for damages. Only Macaura’s company, as owner of the timber, which had the requisite insurable interest in it.
Only the company, and not Macaura, could insure its property against loss or damage.
The result was that Mr Salomon was entitled to be repaid the debt as the first secured creditor.Tags: Adult Dating, affair dating, sex dating