Corporate law, popularly known as business or company law is the field of law that governs the rights, and behaviour of individuals, companies,businesses, organizations and all those engaged in the creation, ownership, operation, and management of corporations. The phrase refers to practice of law that relates to corporations. All corporate of the legal problems that businesses may encounter are dealt within the ambit of law.
Legislations enacted under Corporatelaw: –
Partnership Act, 1932
“Partnership” refers to a voluntary agreement between two or more competent individuals to invest some or all of their money, effects, labour, and talent in legal trade or business with the expectation that there will be a transfer of gains among them. The provisions of the Indian Partnership Act of 1932 apply to partnership firm.
Companies Act, 2013
The establishment and operation of corporations or businesses in India are governed under the Companies Act, 2013. Following independence, in 1956, the country’s corporate enterprises were controlled by the first Companies Act. The 1956 Act was built on the recommendations of the Bhabha Committee. In 2013, this Act had a number of modifications and major additions. The Act was last amended in 2019.
Foreign Trade (Development and Regulation) Act, 1992
For the survival of a brand and the development of any nation, as well as commerce; international trade is of the utmost importance. The Foreign Trade (Development and Regulation) Act, 1992is a law that aims to promote the growth and regulation of international trade by enabling imports into India and increasing exports therefrom, as well as for things related to or incidental to such trade.
Competition Act, 2002
Commercial competition in India is governed by the Competition Act, of 2002. This act has superseded Monopolies and Restrictive Trade Practices Act, of 1969, The Competition Act aims to limit actions that might harm competition in India. It serves as a tool for carrying out and enforcing competition policy, as well as for preventing and punishing enterprises that engage in anti-competitive business activities and needless market intervention by the government.
Real Estate Act, 2016
An act establishing the Real Estate Regulatory Authority to oversee and promote the real estate industry, assure efficient and transparent sales of plots, apartments, and buildings, and safeguard consumer interests in the real estate industry. The goal was to regulate the real estate industry, which would encourage investments from domestic and international financial institutions and safeguard homebuyers’ interests. It also aimed to hear appeals from the RERA judgments and orders.
Limited Liability Act, 2008
The Limited Liability Partnership (LLP) Act, 2008 was passed by the Indian Parliament to create a unique corporate business entity known as an LLP, which gives its members the freedom to organize their internal structures as partnerships while also offering the advantages of limited liability enjoyed by corporations. In comparison to a business incorporated under the 2013 Companies Act, an LLP requires less legislative compliance.
Why Corporate Law is Needed
The creation of laws that control the formation and operation of corporations is crucial to corporate law.
- Managing Company: A corporate legal team’s primary function is to make sure that business is conducted “above board.” The legal criteria for operating a corporation varies from one country to other. For a business to remain lawful and avoid fines or penalties for illegal activities, certain standards must continue to be followed.
- Contractual Law: Managing a corporation requires the use of contracts. They have to be in a written form with proper documentation of the terms and conditions both parties agree to whenever a commercial agreement or transaction is executed. A violation of a contract may give rise to litigation under corporate law.
- Shareholder Agreements: Typically, a shareholder will provide a set sum of money in exchange for a specific proportion of the entire business. It is crucial to have corporate law to regulate stakeholder behaviour in order to guarantee that each stakeholder receives what is legitimately theirs and to ensure that no one seeks to obtain more money from the firm than they are allowed to.
- Corporate Restructuring: A corporation might require to be restructured during various instances like change of senior personnel, investors to be incorporated as stakeholders etc. Business law may assist in supplying new connections for each corporate re-organization to guarantee this continues to go well.
WHY KNOWLEDGENTIA FOR Corporate Law MATTERS: –
Prominent Corporate lawyer in India- Knowledgentia Consultants
As primary corporate Lawyer in India, our practice area is commercial corporate, which mostly involves transactional and legal consulting services, as well as advice on day-to-day business, regulatory concerns, corporate and government affairs.
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We ensure that our fee schedule and the associated legal expenses are completely clear and foreseeable for our clients. As one of the leading corporate lawsfirmsin India, we never fail to keep our word and believe that client relationships are built on trust and a shared sense of purpose. Our first emphasis has always been to provide the greatest legal & commercial solutions, and our fee structure is crafted to meet the needs, objectives, and particulars of each client.
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