A registered company is a legal structure that has been widely adopted for commercial and other enterprises. Most companies are created for commercial purposes and form an important part of the legal framework for market exchanges in modern commerce. Corporate law regulates companies, and a major source of law is the Corporations Act and its regulations. The Corporations Act is only one source of corporate law and there are various branches of the general law such as contract, agency, equity, torts and criminal law which contribute to the framework of corporate law. Having professional legal and financial advice from a Commercial Lawyer may be immensely useful if you need advice regarding establishing, managing and running a business.
Corporate law deals with the stages of the life of a company. The main possible stages are: creation; normal operation; abnormal operation; under receivership; under administration; under a deed of company arrangement; winding up; and dissolution. Other possible significant events in the life of a commercial company include becoming the target of a takeover or being reconstructed or amalgamated under a scheme of arrangement. Professional legal advice from a Commercial Lawyer may be beneficial throughout the various the stages of a company’s lifecycle.
There are many types of companies, such as proprietary, public or not for profit. Considerations include the general terms the nature of a company, its usual functions and the ways in which it is distinguished from other legal structures that fulfill similar functions. A corporation (or body corporate) in the common law sense is a legal device by which legal rights, powers, privileges, immunities, duties, liabilities and disabilities may be attributed to a fictional entity equated for many purposes to a natural person.
Corporate law also regulates the relationship between companies, their promoters, directors, managers and members to government and other external regulators. There are a myriad of sources of corporate law in Australia. This include prescription by the Commonwealth legislature of the conditions for the formation, operation and winding up of companies; registration of companies by ASIC. Also, maintenance by ASIC of registers open to the public on which significant information about companies and persons connected with them can be entered; policing by ASIC of the legislative prescriptions, subject in some instances to direction by the Commonwealth Treasurer; exercise by ASIC of discretions conferred on it by the legislature to grant exemptions from prescriptions or to vary them; publication by ASIC of information about the exercise of its discretions and its policies and procedures; supervision of the winding up of companies, a function allocated to the judiciary, notably the superior courts. Professional legal advice from a Commercial Lawyer may be advantageous to ensure that you understand the rights, liabilities and duties relevant to Corporate Law
If you would like further information or wish to discuss your Corporate Law matter with us please do not hesitate to contact us by telephone on (02) 9233 4048 or by email to firstname.lastname@example.org. Please peruse our "Locations" tab to see our other branch locations.
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