(a) To say that a company has a 'separate legal personality' is simply a way of saying that each company is created individually, by a process of registration, but the company is not a 'person' in its own right.

(b) To say that a company has a 'separate legal personality' indicates that, unlike other business organisations, companies have a legal identity that is separate from that of their members. It is as if a company is a person in its own right.

17