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Once a company or corporation is formed, the business which is carried on by the such company or corporation is the business of that company or corporation and is not the business of the citizens who get the company or corporation incorporated and the rights of the incorporated body must be judges on that footing and cannot be judged on the assumption that they are the rights attributed to the business of individual citizens.

The court held that the income-tax authorities were entitled to pierce the veil of corporate entity and to look at the reality of the transaction to examine whether the corporate entity was being used for tax evasion.

For all intents and purposes, all acts taken by these two company types are taken by the owners themselves.

A corporation is a separate legal entity from its owners.

In other words, if a corporation, in the course of doing business, is involved in any legal action, then the corporation, for legal purposes, is its own person.

The liquidator and the other creditors objected to this, claiming that it was unfair for the person who formed and ran the company to get paid first.

However, the House of Lords held that the company was a different legal person from the shareholders, and thus Mr Salomon, as a shareholder and creditor, was totally separate in law from the company A Salomon & Co Ltd.

These are the exceptions to the rule in Salomon’s Case, when the corporate veil is lifted and the reality of the situation is examined.