Singapore Bar Examinations Part A - Company Law Practice Questions - Singapore Bar Examinations Part A - Company Law Exam

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In the landmark case of Salomon v A Salomon & Co Ltd, what core principle of company law was established, which remains the cornerstone of Singapore corporate law?

A company has a separate legal personality distinct from its members and directors. A company acts as the agent of its majority shareholder in all business transactions. Shareholders are personally liable for the debts of the company if it is a private company. Directors owe their fiduciary duties directly to individual shareholders rather than the company.

Correct Answer:

A company has a separate legal personality distinct from its members and directors.

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