BUU44660: Upon incorporation, a company becomes a separate legal entity, distinct from its members: Company and Business Law Assignment, TCD, Ireland

Upon incorporation, a company becomes a separate legal entity, distinct from its members. Thus, it acquires rights, obligations and duties which are different and distinct from those of its members. Assets, debts, and obligations all belong to the company and not the members. This is the corporate personality used by the company to conduct its business. Discuss this statement in view of the decision in Salomon vs Salomon