Abstract
A company being a distinct and separate legal entity is quite distinct from its members wherein the company itself as a separate person conducts own business through the management. The liability of the company as a legal person might be unlimited but the liability of its members might be to the extent of their share or contributions. The company’s management as corporate agent and trustee of its assets not only run its business affairs but also they are accountable to the members of the company. The principle of legal entity is evolved from common law jurisdiction in case Salomon v A Salomon & Co Ltd, but the three institutions such as Bait-ul-Mal, Waqf and Masjid provides the concept of legal person in Islamic system (Shari’ah) since ages.
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