entral Queensland UniversityLAW 011law for business manager 2.

‘A corporation may be defined as a legal entity or artificial person’.
The corporation is made in the legal manner where the existence of the corporation is defined as
the per the law. The closure of the corporation is also defined as per the laws and can also be
done through court process only. Hence this can be said that the corporation is the artificial
person which is having its recognition in the eyes of law. The corporation is having a separate
legal entity which is different from its owners (Lordkipanidze, 2018). The corporation is also
having a perpetual succession which cannot come to closure without the order of law. The life of
the corporation is not affected through the death or retirement of the owners of the corporation.
In the eyes of law legal person is an entity that can perform the activity as that of the citizen of
the country. The corporation can enter into the contract or can sue or can be sued. The
corporation can also hold the property in its own name.
Here this is seen that for making the company registered this is important for the owners to
identify documents on the basis of which they are able to make it registered. The owners has to
identify the MOA and AOA on the basis of which they are able to get the registration or the
incorporation certificate. Hence after completion of the incorporation certificate the company
gets the artificial personality on the basis of which they are able to maximise the performance.
A company is considered to be vicariously liable for the delict which are done by the directors of
the company. here this is seen that where the companies are registered under companies act
2006, they have the full capacity to enter into contract in their own name. here this is seen that
separate legal personality and the limited liability are considered to be different terms for the
same. as this is seen that in the case of Salomon V Salomon & co. ltd. 1897 this can be
considered that the company is having different legal entity which is different from its owners.
There are various different characteristics of the corporation which are defined under the
Companies act, 2006. Some of these include the followi