Abstract
Company has a legal personality, but unlike natural person it has certain limitations, such as the company cannot run itself without the natural persons. If the legal entity dies i.e. goes into liquidation it is not possible for a company to transfer its assets to others through a will. The House of Lords extended the principle of separate legal entity established in Salomon's case so far as to cover small private enterprises. This attempt turned successful for developing the modern capitalism and the immense social and economic wealth. However, the advantages of corporate personality outweigh its disadvantages in a long run process. In my perspective corporate personality is the greatest invention of law till date.
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