In the celebrated case of Salomon v Salomon and Co Limited (1897) AC 22 Lord Halsbury LC observed: 'either the limited company was a legal entity or it was not. If it was not, the business belonged to it and not to Mr. Salomon. If it was not, there was no person and no thing to be an agent at all and it was impossible to say at the time that there is a Company and there is not. Comment