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The corporation is liable for its taxes - not the owner.This is how corporations may sue and be sued, and their assets are tracked separately.These are the exceptions to the rule in Salomon’s Case, when the corporate veil is lifted and the reality of the situation is examined.

The company carried the business of felling and milling timber. Macaura had earlier insured the timber against loss of by fire in his own name. He subsequently sold the plantation to a company of which he was the only shareholder, through the purchase money remained owing to him.The result was that Mr Salomon was entitled to be repaid the debt as the first secured creditor.In this case, Mr Salomon was the major shareholder, a director, an employee and a creditor of the company he created.He had not transferred the insurance policy to the company. After the sale, Macaura continued to insure the plantation in his own name. When Macaura attempted to claim on the policy, the company refused to pay.The issue was whether Macaura had an insurable interest at the time of the loss.

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