Corporate Law in the United States
The job of a corporate attorney is to oversee any commercial and business transactions to ensure that everything remains legal. There are many aspects to corporate law, including, business and personals tax laws, intellectual property rights, zoning laws, contract law, licensing laws, and accounting, among others. While corporate law is not as adversarial as the work of a trial lawyer there have been recorded incidents of huge Class Action lawsuits against huge companies, in the past, whereby a corporate attorney has attended trials.
Fifty Ways to Understand a Corporation
Because there are fifty States, there are also fifty different systems of corporate law in the United States. Each state has its own tax laws, ideas of how the system should work, laws to protect certain entities and so on. Aside from State law there are also Federal laws which govern all corporations, regardless of where they are based. Some of the Federal laws are encompassed under the Securities Exchange Act of 1934, the Securities Act of 1933 and the Sarbanes-Oxley Act of 2002. This Act imposed quite a few new rules that applied to public corporations and they must comply with the massive variety of federal laws in connection with employment, and food and drugs laws, etc.
There are two very important sources of law, which include the MBCA—Model Business Corporation Act, which was drafted by the ABA—American Bar Association—and under the United States Constitution, all companies are allowed to ‘incorporate’ in any State they choose. This is one of the main reasons why many companies incorporate in Delaware; because their laws and courts were deemed as fairer and more attractive.
All States have their own rules and laws governing corporations and a corporate attorney in Wichita KS might follow a completely different set of laws as one in Kentucky or Illinois. All corporate attorneys must know the State and federal laws alike, inside and out, so that they can do their jobs correctly. Once and attorney qualifies the bar exams they can then proceed to particular area of law that they prefer to practice. Corporate law is less confrontational and many attorneys prefer the challenge of the corporate world as opposed to defending criminals or other areas of law.
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