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A Quick Explanation on Corporate Laws

Types Of Corporations

Corporate law includes those laws which govern corporations as an entity, as well as the laws which apply to the individuals which comprise that entity. That may include shareholders, those in leadership roles and creditors of that corporation.

Some types of corporations have limited liability and others have unlimited legal liability for the actions or in actions of the corporation as an entity. The laws which apply to corporations vary according to the type of corporation, as well as the type of business conducted by that corporation.

The law treats a corporation as an individual, separate from those which work for or control that corporation. That means that in most cases individuals are not held liable for the corporation. Take for example a corporation which declares bankruptcy. Corporate law would dictate the responsibility of that company to creditors, as well as to shareholders. In most cases, no single individual would be responsible for the corporation as an entity, but the responsibility would instead fall on the corporation itself. However, shareholders may lose their shares in order to pay off the creditors.

Corporate law often include a law firm with a myriad of lawyers that work there. That law firm may be a corporation as well being governed by the partners in that firm. Depending on the type of corporation formed by those individuals, the individual lawyers may or may not be legally liable for their actions in the courtroom and outside of the courtroom.

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