As the name suggests, corporate laws pertain to laws governing companies or corporate bodies and organizations. Companies are the driving force of the economy and are one of the biggest sources of revenue by way of corporate tax.

How the law treats a person running a business in his personal capacity or as part of a firm or as part of a company can be totally different. In fact a company is treated as a legal person which is capable of acquiring and divesting property and of running its affairs and for doing all such acts that would be deemed necessary for running a commercial business. There have been major changes in the Companies Act 2013 in comparison to the Companies Act 1956.