Which of the following is the best description of the significance of the decision in Salomon v Salomon & Co Ltd [1897]?

Group of answer choices

1.If one of the directors of a company owns the majority of the shares in that company, then that person is not entitled to the benefit of limited liability.

2.Even if a company is effectively under the control of a single person, then that person can still be entitled to the benefit of limited liability.

3.The separate entity doctrine can be used by a partner in a firm to avoid liability to creditors.

4. If one of the shareholders of a company is that company's only director, then that person is not entitled to the benefit of limited liability.