"Corporation" is generally used to describe a business formed as a separate entity from its owners. A corporation is considered "separate" from the owners because it is a separate legal entity with rights, privileges, and liabilities.
Corporate Law depends on both federal and State Law. Corporate Law regulates the relationship and duties between a corporation, its directors, hired employees, shareholders, and other stakeholders. The formation and organization of a corporation are highly regulated.
Corporations are tax-geared entities, meaning they are separate entities from their owners. They are taxed as legal entities; a corporate tax is applied to any declared corporate income.
A corporation can be set up for several reasons, including asset protection, tax advantages, and liability immunity. Corporate status results in corporations having to pay taxes on behalf of their holdings; however, owners of corporations can deduct these taxes (at their tax rate) versus their taxes. The corporation also doesn't pay taxes on personal income.
There are specific requirements you will have to meet to start a corporation. This includes filing a charter, electing officers, and passing all associated election laws.
There are also some federal laws that corporations must follow. For example, certain corporations must file reports with the Securities and Exchange Commission (SEC).
Corporate lawyers are solicitors who are trained in the corporate sector. This includes the legal formation of corporations, joint ventures, licensing arrangements, mergers & acquisitions, and the thousands of other transactions entered into by corporations.
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