Company is a Juristic person with separate legal status distinct from its owners, shareholders, Directors and Managers through the concept of corporate Veil. Company can sue and can be sued under the private and public international law. The incorporation of the company takes different forms depending upon the status of the company, either sole Establishment (single owner company), Civil Company, Limited Liability Establishment (LL.E) or Limited Liability Company (LL.C) or Joint stock or public joint stock company, Etc. it varies from country to country by name or requirements, However the principle of corporate veil exist in most of the jurisdictions.
The liability of shareholders is limited to the extent of their shares in cases of Limited Liability Company. However, the liability shall extend to the personal assets of its shareholders and directors in cases of extra ordinary specific circumstances to safeguard the company’s creditors at the best interest of the company.
Criminal liability is structured under the principle strict liability although the vicarious liability plays a pivotal role to substantiate and elaborate the principle of strict liability. Nobody is liable for the actions committed by another person. The accused is innocent until proven guilty in accordance with law. Company is a legal person, independent from its shareholders, and with its own financial liability.
Author is attached with a Dubai Based law firm, can be reached +971-527520742