The separate legal entity theory for corporations involves the notion of a corporate veil.What is the

purpose and effect of the corporate veil?

REQUIRED

Explain the attributes of a company once it comes into being (7.5 marks)

Explain what is meant by the corporate veil (7.5 marks)

Identify the problems for third parties which arise from the

existence of the corporate veil (7.5 marks)

Identify circumstances where the corporate veil will be ignored

or lifted either at common law or under statute (7.5 marks)