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 ?