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What is Corporate Law?

Published on November 6th, 2019

Simply defined, corporate law is the rules, laws, practices, and regulations that govern the formation and operation of corporations. It’s the rights and obligations of all the people who are involved with farming, owning, and operating and managing a corporation. As your Rockford attorneys, we want to make sure if you are a business owner you know everything necessary about corporate law.

Characteristics

Corporate law has a few characteristics that are commonly associated with corporations. 

  • Legal Personality: When separate entities can use assets and sell them, meaning creditors cannot take assets back. 
  • Limited Liability: If a corporation gets sued, then only the corporation’s assets are on the line, not personal assets. Limited liability allows owners to take the necessary risks for their investments. 
  • Transferable Shares: Owners are able to transfer shares without suffering on the transfer of a partnership. Ownership can be transferred which means the corporation can continue even if the owners want to make changes.
  • Delegated Management: The board of directors and officers are able to split decision-making authority in order to make sure everything is run properly every day. 
  • Investor Ownership: Investors are the ones who have the right to the corporation’s profit.

What’s The Reason For Corporate Law?

All the laws and rules for corporations allow these companies to operate on a level playing field, making it easier to do business on a day-to-day business. The rules allow for fair corporate actions and allows corporations to act predictably. 

We Can Help

If you are starting a business or have a business in need of legal services, our Rockford attorneys can help you with all your legal matters in corporate law. Contact us today for more information or to speak to a legal professional.

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