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Posted by / 10-Jan-2018 20:14

The corporation is liable for its taxes - not the owner.

The issue was whether Macaura had an insurable interest at the time of the loss.Macaura's case is depending upon the fact that Company whether private or public is distinct from his owner if he took the policy from insurance company at the name of company then he could claim for damages. Only Macaura’s company, as owner of the timber, which had the requisite insurable interest in it.Only the company, and not Macaura, could insure its property against loss or damage.If a corporation is sued, then the owners will not have their personal belongings at risk unless those belongings were purchased with illegal returns from the corporation.In a sole proprietorship or partnership, the owners personally liable.

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The liquidator and the other creditors objected to this, claiming that it was unfair for the person who formed and ran the company to get paid first.

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