Sources of Company Law
A company is in law a corporation that is an artificial legal person, with its own rights and obligations distinct from those of its members. The Companies Act 2006 is the primary legislation governing companies.
The taxation of companies is largely dealt with in accordance with the Taxation of Chargeable Gains Act 1992, as amended.
As a consequence of the fact a company is in law a person with legal rights and obligations, the law generally applies to companies as it does to persons, except for where it has been modified by specific rules of company law. The general law of contracts applies with some modifications as does the law of tort and competition and so on.
The company is also governed in accordance with its own regulations and articles of association. Companies are given a great deal of freedom when it comes to how the company will organise itself. Each company must have its own set of regulations known as the articles of association. These may be specifically prepared on the formation of the company; alternatively companies may adopt the model articles of association (which were previously known as Table A).