The corporation has huge economic and legal significance. Given this significance, an understanding of the role of the corporation in society and its relationship to the community, shareholders, creditors, the regulator, and other stakeholders is critical. The unit identifies the various forms of business organisation (including the sole trader, partnership, joint venture, association and corporation) in order to gain: an understanding of the differences between the corporation and other forms of business organisation, the corporation’s respective advantages and disadvantages, and the importance of the separate entity doctrine; an appreciation of the applicable legislative and common law regime; a broad understanding of the mechanics involved in the creation, management and dissolution of a corporation as the methods of financing the corporation; and to serve as an introduction to commercial units. Specific topics analysed include business ethics; the origins of corporate law; the theoretical framework of the corporation; the separate entity doctrine; the formation, promotion and establishment of the corporate entity; corporate governance rules and policies - both domestically and internationally; the relationship between the board of directors and members, meeting procedure, directors' duties; accounting and auditing procedures, member remedies, corporate capacity, equity and debt finance, corporate reorganisation and receivership, schemes of arrangement, voluntary administration and winding up. In the discussion of each type of organisation, the concept and nature of that form are analysed and the legal problems that flow from the adoption of that structure are considered.