Additionally, most state corporation statutes operate under the assumption that each corporation will adopt bylaws to define the rights and obligations of officers, persons and groups within its structure. States also have registration laws requiring corporations that incorporate in other states to request permission to do in-state business. Federal securities law also governs requirements of fiduciary conduct such as requiring corporations to make full disclosures to shareholders and investors. The legal independence of a corporation prevents shareholders from being personally liable for corporate debts. Corporations are taxable entities that fall under a different scheme from individuals.
Corporate law has important intersections with contract and commercial transactions law.