![Separate Legal Entity](https://sensationaltheme.com/demo-corpobell-pro/wp-content/uploads/sites/25/2019/09/art-art-gallery-artsy-2078269-scaled.jpg)
Unlike a proprietorship or partnership, the legal identity of a company and its members are separate. As soon as the joint stock company is incorporated it has its own distinct legal identity. So a member of the company is not liable for the company. And similarly, the company will not depend on any of its members for any business activities.