Corporate Law

A corporation is a legal entity that is separate from its owners or “shareholders”. They are formed by filing certificates or articles of incorporation with the Secretary of State where the business will operate. State corporate law governs the duties of corporate shareholders, as do the corporate bylaws. Corporations are governed by the shareholders, who elect the directors, who elect the officers, who actually run the corporation. Because the corporation exists apart from its shareholders, directors, and officers, it continues to exist even if something happens to the people who own and operate it. There are many types of corporations, such as close corporations, professional corporations, S corporations, nonprofit corporations, and general corporations.