Complete 5 page APA formatted essay: No, corporations are not people. People have hearts. They have kids. They get jobs. They get sick. They thrive. They dance. They live. They love. And they die. And

Complete 5 page APA formatted essay: No, corporations are not people. People have hearts. They have kids. They get jobs. They get sick. They thrive. They dance. They live. They love. And they die. And that matters because we dont run this country for corporations, we run it for people: Eliza.

This paper therefore bases on s588V of the Corporations Act 2001 (Cth) to discuss the position that in cases of subsidiary defaults, the actual individuals or people in terms of management should be the ones to be held liable and not parent companies.

Under the concept of corporate legal personality, businesses are noted to adopt a unique status that gives them backing in law to be seen as legal entities and thus claim independent legal existence (quote). As a result of the independent legal existence, businesses having corporate legal personality are given legal treatments independent of their officers, directors, and shareholders (Gobert, 1994b). In the case of Salomon v Salomon & Co Ltd, it can be deduced that the human faces or people behind the running of the corporation such as shareholders cannot be sued but the corporation itself since it has the right to purchase, sell and engage in other businesses in its own name (Salomon v A Salomon & Co Ltd [1896]).

Based on the explanation of corporate legal personality and the case of Salomon v Salomon & Co Ltd given above, it would be understood that investors get a lot of protection under this principle. The reason this is said is that when investors are putting their monies into companies as shareholders, they get the assurance that they cannot be sued as individuals in case the companies or firms they are investing in become insolvent and cannot pay up its outstanding debts (Bervas, 2006). This form of protection is however questioned at times because even though shareholders may not be sued in person, when the corporation uses its money to pay off debts, it becomes the investment of investors that is indirectly used for this purpose (Geraghty, 2002).

The concept of corporate civil liability can be said to have emanated from corporate personality because it determines the applicability of holding a corporation liable for acts of omissions and commission by natural person