Greensboro, NC (PressExposure) July 23, 2008 -- In business law, Corporate law is the law of the most dominant kind of business enterprise in the modern world.
Corporate law is the study of how shareholders, directors, employees, creditors, and other stakeholders such as consumers, the community and the environment interact with one another under the internal rules of the firm.
Other types of business associations can include partnerships, or trusts or companies limited by guarantee. Corporate law is about big business, which has separate legal personality, with limited liability for its shareholders, who buy and sell their stocks depending on the performance of the board of directors.
One of the key legal features of corporations are their separate legal personality, also known as "personhood" or being "artificial persons". The North Carolina business lawyer can provide more information about this.
Separate legal personality often has unintended consequences, particularly in relation to smaller, family companies. In B v. B  Fam 181 it was held that a discovery order obtained by a wife against her husband was not effective against the husband's company as it was not named in the order and was separate and distinct from him.
However, separate legal personality does allow corporate groups a great deal of flexibility in relation to tax planning, and also enables multinational companies to manage the liability of their overseas operations.
There are certain specific situations where courts are generally prepared to "pierce the corporate veil", to look directly at, and impose liability directly on the individuals behind the company.
Members of a company generally have rights against each other and against the company, as framed under the company's constitution. Visit the North Carolina business lawyer to learn more of this.
In relation to the exercise of their rights, minority shareholders usually have to accept that, because of the limits of their voting rights, they cannot direct the overall control of the company and must accept the will of the majority. However, majority rule can be iniquitous, particularly where there is one controlling shareholder. For further information about business laws that embodies corporation, then visit the North Carolina business lawyer for more details.