In USA, becoming a corporate law lawyer requires at least seven years of education. The requirement for how to become a corporate lawyer is as follows:
- Get an undergraduate pre-law degree in any field
- Take the LSAT (law school admission test)
- Go to law school in US a acquire a Juris Decor(JD)
- Pass the State bar exam and get a license to practice in court.
After successful completion of the bar exam, a lawyer can practice in any area of legal specialty. A law graduate can also pursue LLM course and choose to study corporate law as his area of specialization after three year law course and obtaining a JD.
What is a Corporation?
A legal entity that exists to carry on a business is known as a corporation. It is a separate entity from those who make it. Just like any individual, a corporation can also carry on business in its own name. It is a “artificial person” or entity which can enter into contracts, sue and be sued, and perform duties required to maintain a business.
Types of corporations
Corporations are classified into different types. They are as follows:
1. Publicly Held Corporation: It is a publicly traded corporation where the shares are traded on a public stock exchange
For example: New York Stock Exchange.
2. Closely Held Corporation: It has a small number of stockholders with no public market for its stock.
3. Limited Liability Company (LLC): An LLC is a pass-through type of business which means the profits and losses of the business pass-through to the owners i.e. business income is considered as the owner’s income, and pays the tax on his/her personal tax return.
4. C Corporation: It is a business entity which can have an unlimited number of shareholders, including shareholders who are foreign citizens. Shareholders are not affected from the corporation’s liabilities. The corporation is taxed on its profits, and shareholders are taxed on the distributions they receive, like profit sharing, dividends or payments.
5. S Corporation: It must not have more than 100 shareholders and must have only one class of stock. Shareholders must be natural persons citizens of USA, Profits and losses of the business are distributed to shareholders in proportion to each one’s interest.
6. Professional Corporation: It consists of professionals who are licensed to practice a particular profession like advocates,doctors or accountants.
7. Non Profit Corporation: A nonprofit corporation is an organization founded to serve public purpose other than collection of profits.
What is Corporate law?
Corporate law governs the laws, rules and practices which regulate the formation and functioning of corporations. It provides the rights and duties of the people involved in forming, owning, operating and managing a corporation.
Business law Vs Corporate law
Corporate law deals with the formation, governance, rights of shareholders, mergers, acquisitions, etc., of a corporation while Business law or commercial law deals with commercial or business activities like terms and conditions, sale and distribution of goods, license agreements, reseller agreements etc.
Corporate law vs. Company Law
Every corporation may be called as a company, but every company is not necessarily a corporation. Company is often used interchangeably with business or firm. Corporate law includes companies incorporated or registered under the corporate law or company law whereas company law deals with incorporation, dissolution and functioning of companies.
Corporate law vs. Litigation
In USA, Corporate law is governed by state and federal law. It deals with the formation of companies or corporations and their transactions with other companies, government, tax organizations and public.
Litigation is the practice of taking a legal action to settle a dispute or charge a crime against someone. It includes prosecution, pleadings, and evidence through the phases of pre-trial, trial, settlement, and appeal.
Corporate law Attorney Vs Litigator
Corporate lawyer must ensure that the corporation operates according to existing corporate laws. The corporate law attorney exactly deals with contracts, situations where the company is being prosecuted, disputes involving creditors, taxation, joint ventures, mergers, acquisitions, and all other corporate law cases.
Litigation attorneys also known as litigators represent their clients (plaintiffs or defendants) in lawsuits. The main job of a litigator is to settle a dispute and get a favorable outcome for their client through prosecution, pleadings, and evidence through the processes of pre-trial, trial, settlement, and appeal.
Corporate law vs. Investment banking
Law and Investment banking are popular career paths for aspiring youth who want to earn a good salary immediately after completing their education. But, choosing one between the two is difficult initially for the students. There are few key points you must consider before choosing a career between the two. They are:
- The qualification requirements to become a lawyer are much compared to become an investment banker.
- Law requires more years of school when compared to investment banking. Students who like to learn might enjoy corporate law.
- Investment banker must be skilled in math and requires more acumen compared to a lawyer.
How much money does a Corporate Lawyer make?
Corporate law is one of the highest paid area of law where a attorney can practice .You can earn much better salary when compared to litigation lawyers having same experience as you. There is always a demand for corporate lawyers and you can demand worldwide wherever corporations exist, if you are fluent in other languages and skilled in international corporate law. Corporate lawyer must have both legal and commercial skills, as they not only advise on business strategy but also on legal issues. In U.S. corporate lawyers, and junior associates earn an impressive salary based on their experience starting from $90,000.
Which area of Corporate Law is connected to Technology?
Technology Law has different meanings such as computer-related law, communications law or the law pertaining to inventions (intellectual property law). The technology law changes with the change in technology. Technology law includes any laws that affects the conduct our businesses and lives involving technology. It means the subsets of all the laws where technology is involved.
- Contract law governs the rules and regulations of a contract. However, a subset of contract law relating to software licensing agreements forms part of technology law.
- Trademarks are a part of business law, but understanding what makes a brand generic or descriptive forms a part Technology Law.
Is Corporate Law a Civil Law?
Corporate law is generally civil law not criminal law. If any disputes arise in a corporation, the officials can approach the appropriate civil court in order to settle the dispute. The Officials or employees can face criminal liability for committing fraud or any other criminal acts. A civil body of laws governs the formation and operation of corporations with civil remedies.