The concept of corporate personality is introduced for the purpose of
conferring the feature of individuality on a corporation and its members. It
helps to change the complex form of collective ownership like in partnership,
to the simpler form of individual ownership like in a company. If for instance,
there are number of persons who own the same property, difficulty may arise as
to its management as well as its distribution especially when the company is being
wound up. Therefore, to avoid such problems, law created a fictitious legal
person viz., the corporation or a company which is attributed with the rights
and duties of its own. AM1 Corporate personality has developed over time but the purpose of this
principle still remains the same.

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