Solomon transferred to his company Solomon & Company Ltd$.,$ his proprietorship of making boots and shoes. The company bought the business for Rs$\mathrm{.}20,000$ as shares and debentures of Rs$\mathrm{.}10,000$ secured by a floating charge on assets. Later, the business became insolvent and went into a liquidation process. The trade creditors argued that the company and Solomon were one and the same person and hence claim of Solomon to first repay his debentures is void as the person cannot be creditor for $$himself$.$ The case went to Court and the Court decided in favour of Solomon & Company Ltd$,$ that as secured creditor it can assert rights prior to trade creditors. This case legally defines which concept that is a very important characteristic of a company?

a$.$

Perpetual succession

b$.$

Incorporated under law

c$.$

Separate legal person

d$.$

Difficult to differentiate between owner and itself