Untitled Deck

Question 1

What are the consequences of separate legal personality?

Answer 1

limited liability of the owners of business
 separation of ownership from control i.e. members and directors
 transfer of ownership and perpetual succession/perpetual existence

Question 2

What does separate legal personality imply about ownership and control?

Answer 2

Separation of ownership from control, i.e., members and directors.

Question 3

What are two additional consequences of separate legal personality?

Answer 3

Transfer of ownership and perpetual succession/perpetual existence.