Corporate law is related to the contract and commercial law, and it deals with the process of forming the corporation and its further operational activities. Business is that legal entity which is commenced according to the laws of its incorporated state. Every state has its own rules and regulations according to which the business is created and organised.
A legal entity or an artificial person is created by the corporation to maintain the business. The corporations come under taxable laws.
The law was commenced in the 20th century, and it’s considered to be a part of the common law of England. Here are the forms of corporate law in most of the countries:
The corporation is considered as a single entity. The new corporations can be formed through the process of registration.
The limited company refers to those who is limited to the investment for liability members or company subscribers. It is divided into two parts: public companies or private companies.
It is the corporation that has the unlimited legal liability of the shareholders or the members; it is incorporated without the share capital.
Limited liability partnership
As the name suggests, it is the partnership in which the partners have liabilities to a limited extent. Thus, it represents the various elements of corporations and partnership.
A limited partnership is the same as the general partnership, except for the fact that there two partners in a general partnership in which one partner must be general, and the other must be limited.
These are the organisations that focus on the social causes instead of earning profits. Or they share some part to the NGOs or other non-profit organisations.
Company limited by guarantee
It is a corporation that is considered as an alternative; it is used mainly for the non-profit organisations with the requirement of some legal personality.
It is the term used for the parties that agree to the legal terms for the advancement of their mutual interests. The partnership can be for business or the organisations that are interest-based.
It can be referred to as a sole trader of the business or the enterprise. The one who is the single owner of the business is known as a sole proprietor, and there is no legal distinction between the business entity and the owner.
JOB DUTIES OF A CORPORATE LAWYER
The corporate lawyer plays the major role in guiding the clients and the employers of the companies. The case is started after discussing with the clients, and during the session, the lawyer explains the whole legal issue to them. It also includes the reading of files and the attorney consultations.
The corporate lawyers also work in the courtrooms and represent the cases of their clients in front of a judge. The trial includes the argument at the beginning, and the closing of the session and they also cross-examine the witnesses.
Some of the corporate lawyers work for multinational companies or some on contract basis for the firms.
WHAT ARE THE REQUIREMENTS TO BECOME A CORPORATE LAWYER?
A 3-year degree of Juris Doctor from an accredited law school is the first and foremost requirement for becoming a corporate lawyer. The admission process requires to attain qualifying score in the admission test. The students study about property rights at first and then during last semesters, the concepts of business law and tax laws are taught to them.
For further knowledge and enhancement in qualification, the students pursue masters course with the duration of one year. It focuses on the legal writing and the theoretical knowledge of the concepts. The options of specialisation are also there for the students. The student's emphases on the corporate governance, business finance or commercial law etc.
After the completion of the degree course, the students have to pass the test bar exam to pursue their practice. Different countries have different exams whether it is written or practical. But to work for multiple companies in different states, the lawyers have to take the exam for more than once.