Corporate Law: the law establishing separate legal entities known as the company or corporation and governs the most prevalent legal models for firms, for instance limited companies (Ltd or Pty Ltd), publicly limited companies (plc) or incorporated businesses (Inc.). It is a subset of companies law which, depending on the legal system, may cover the wider spectrum of partnerships, trusts, unincorporated associations, guilds or sole proprietorships. Technically, a company is a juristic person which has a separate legal identity from its shareholding members, and is ordinarily incorporated to undertake commercial business. Because of the limited liability of the members of the company for the company's debts and the separate personality and tax treatment of the company, it has become the most popular form of business vehicle in most countries in the world.