The House of Lords decision in Salomon V Salomon and Co. Ltd [1897] laid to rest certain principles. Identify those principles.

Salomons Caseis authority for the proposition that “a company is at law a different person altogether from the subscribers to the memorandum”. Additionally, the decision established that:

Even the so-called one-man company was a legal person distinct and separate from its members.
 Incorporation was available not only to large companies but to partnerships and sole proprietorships as well.

In addition to membership it was possible for a member to subscribe for the
company‟s debentures.

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