Corporate law

Corporate law (also known as business law or enterprise law or sometimes company law) is the body of law governing the rights, relations, and conduct of persons, companies, organizations and businesses. The term refers to the legal practice of law relating to corporations, or to the theory of corporations. Corporate law often describes the law relating to matters which derive directly from the life-cycle of a corporation.

Overview

Corporate law encompasses all of the legal issues that corporations can face. Corporations are legal entities that are created through the incorporation laws of the state, the Articles of Incorporation. Corporations can be both profit and non-profit. Most corporations are privately owned and are known as private corporations. If shares are issued to the public, they are known as public corporations.

Corporate Structure

Corporations have a distinct legal structure, which includes shareholders, directors, and officers. Shareholders are the owners of the corporation and elect the board of directors. The board of directors is responsible for the overall direction of the corporation and appoints the officers. The officers manage the day-to-day operations of the corporation.

Corporate Law by Jurisdiction

Corporate law varies by jurisdiction, with each country having its own set of laws and regulations that govern corporations. In the United States, corporate law is a matter of state law and each state has its own corporate code. The most influential state for corporate law is Delaware.

Corporate Governance

Corporate governance is the system of rules, practices, and processes by which a firm is directed and controlled. Corporate governance essentially involves balancing the interests of a company's many stakeholders, such as shareholders, management, customers, suppliers, financiers, government and the community.

See Also

• Business law
• Company law
• Corporate governance
• Articles of Incorporation

References

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