READ 380 - Corporate Law Important Essay Thursday, April 3, 2014 Professor: Charles Piroli By: Krysten Smith Corporate law is an area of ​​law that directly relates to relationships with corporations at within our legal system. “In Ontario, the law compromises between statutes, regulations and cases. This means that to understand the law in any area, you need to familiarize yourself with the statute or statutes relevant to that area, check related regulations where required, and read cases that show how courts have applied those statutes and regulations in real life. situations” (Corporate Law for Ontario Businesses, 2012, p. 2). In this article I will do just that. I will look at a particular case that happened and examine how the courts applied legal rules to a real life situation. I will also examine what it means for a corporation to be a separate legal entity, as well as the level of importance a shareholder has within a corporation. All of these topics relate directly to the case I will be examining and are important to know to understand why the court made the decision it did. Finally, I will discuss my personal opinions on the case and the decision made by the courts. In corporate law a company is considered a separate legal entity. The law sees the company as separate from those who manage it. Under the law a corporation owns its own properties. The company's properties do not belong to its owners and those who manage it, making it a separate legal entity from its owners. Therefore, if a company is considered a separate person whenever it is involved in a legal action. According to an online business dictionary, separate leg...... middle of paper ......people who find themselves in scenarios similar to Mr. Macaura's, need to be aware of their legal rights within a company and their insurable interest would be. Be aware of what being the sole shareholder of a company entails and what would happen legally if something went wrong. This case is a good example of how the law views companies and those who own and operate them, as well as what needs to be decided legally even if it may seem “not right”. The law generally operates not on what is “right,” but on what is justified. It is true that the law was not "fair" to Mr Macaura, and in the end he was the one who suffered, no matter how legally the decision was right.REFERENCES1. Corporate Law for Ontario Businesses (2012). Farah Jamal Karmali 2. Business Dictionary (2010). http://www.businessdictionary.com/definition/separate-legal-entity.html