Separate Legal Entity
The legal principle that supports the idea that a company can own, enjoy, and dispose of property in its own name is the concept of a separate legal entity. This principle is a fundamental characteristic of company law and is recognized in many jurisdictions around the world.

Definition and Explanation
A separate legal entity refers to the legal recognition of a company as a distinct entity, separate and distinct from its shareholders, directors, and employees. This means that the company has its own legal rights and obligations and is capable of owning assets, entering into contracts, and pursuing legal actions in its own name.

Key Features
There are several key features associated with the concept of a separate legal entity:

1. Limited Liability: One of the main advantages of a separate legal entity is that it provides limited liability protection to the shareholders. This means that the shareholders are generally not personally liable for the debts and obligations of the company. Their liability is limited to the amount they have invested in the company.

2. Perpetual Existence: Another important feature is perpetual existence. Unlike a sole proprietorship or a partnership, a company continues to exist even if its shareholders or directors change. The company can carry on its business activities, own property, and enter into contracts even if there are changes in its ownership or management.

3. Transferable Shares: Companies are typically structured with shares that represent ownership interests. These shares are transferable, allowing shareholders to buy, sell, or transfer their ownership in the company. The ability to transfer shares provides liquidity and flexibility to the shareholders.

4. Delegated Management: Companies are managed by directors who are responsible for making decisions and running the company's day-to-day operations. The shareholders elect the directors and delegate the management of the company to them. This separation of ownership and management allows for efficient decision-making and professional management.

Conclusion
The principle of a separate legal entity is a foundational concept in company law. It allows companies to own, enjoy, and dispose of property in their own name, providing limited liability to shareholders, perpetual existence, transferability of shares, and delegated management. This legal principle is essential for the functioning of modern corporate structures and facilitates economic activity and investment.