Corporations Public Law & Legal Definition
Corporate law deals the formation and operations of corporations and is related to commercial and contract law. A corporation is a legal entity created through the laws of its state of incorporation, treating a corporation as a legal "person" that has standing to sue and be sued, distinct from its stockholders. Corporations are taxable entities that are taxed at a lower rate from individuals. Until formally dissolved, a corporation has perpetual life; deaths of officials or stockholders do not alter the corporation's structure. State laws regulate the creation, organization and dissolution of corporations. Many states follow the Model Business Corporation Act. States also have registration laws requiring corporations that incorporate in other states to request permission to do in-state business.
There are also federal laws relevant to corporations. For example, Congress passed the Securities Act of 1933, which regulates how corporate securities are issued and sold. Corporations in certain industries are subject to federal regulation and licensing, such as comunications and public transportation.
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