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Corporate law is a part of a broader companies law (or law of business associations). Under company law, corporations of all sizes have separate legal personality, with limited or unlimited liability for its shareholders. Corporate governance is the way a corporation polices itself. In short, it is a method of governing the company like a sovereign state, instating its own customs, policies and laws to its employees from the highest to the lowest levels. Corporate Adam Colgate. What is a Limited Liability Company (LLC)?