Five core structural characteristics make up the business corporation in virtually every jurisdiction, irrespective of the prevalent legal regime. These include legal personality, limited liability, transferable shares, centralized management under a board structure, and shared ownership by contributors of capital. When acting together, these five basic characteristics combine in a variety of ways, giving rise to a complex system of rules we refer to as corporate law. The manner in which corporations behave with each other and the world around them assumes great importance, given that corporations themselves have grown beyond being mere legal devices through which the private business transactions of individuals have been carried out. The growth of corporations, in terms of economic power and prominence, has effectively ensured that the corporation has now attained the status of a major social institution and emerged as one of the foundations of modern global society. The corporate system commands further attention due to its progressive nature. While the fundamental characteristics remain the same, the body of law applicable to companies is in a state of constant flux.