Business Structure Cases

Question 1

Salomon v Salomon & Co Ltd

Answer 1

(1897) separate legal entity:
Mr Salomon incorporated his business and went into liquidation. as it was a distinct entity, Mr Salomon was not personally liable

Question 2

Jones v Lipman

Answer 2

1962 Fraud and Corporate Veil: the court pierced the corporate veil to prevent fradulant evasion of legal obligations. avoid selling property byt transferring it to company he owned

Question 3

sadler v whiteman

Answer 3

1910, fiduciary : director sold shares to a third party without informaing its shareholders or the company, breaching duties

Question 4

Partnership Act 1890

Answer 4

Governs relations between partners in a partnership

Question 5

definition of partnership (PA1890)

Answer 5

The relation between persons carrying on a business in common with a view to make profit

Question 6

Valencia v LLupar

Answer 6

2012: Fiduciary: discuessed duties of partners to act in best interest of partnership (good faith and loyalty)

Question 7

Khan v Miah

Answer 7

Partnership 2000: clarified the commencement of a partnership. house of lords held that a partneshi begins as soon as they embark on a venture to start business (not necessarily trading)