The area of company affairs law touches on a variety of legal matters relating to the formation and operation of business entities. Such matters generally are governed by state law. It provides the basic legal framework within which limited companies operate. It deals with how companies are formed, how the limitation of members' liability is to be regulated, how companies are governed, how a company's directors are expected to act and explain their actions to their company's members, and how companies should record their performance in accounting terms.
Transactions involving the sale and lease of goods are regulated by a state’s commercial code. Most states have adopted some form of the Uniform Commercial Code to govern such transactions. Company law aims to improve their operating efficiency via a simplified legal environment with minimum red tape.
The various concerns enveloping company affairs law are: -
Partnership Law
Partnerships are business entities formed by two or more people who invest in a business and share in its profits and losses. Partner liability for debts of the partnership varies depending on the type of partnership formed.

Corporation Law
Corporations are legal entities owned by shareholders who invest capital to finance the business. Ownership of shares may be private or open to the public. The limited liability of shareholders for debts of the corporation is a key reason businesses use this type of business entity.

Commercial Contracts
Commercial contracts bind parties to a business transaction and set forth the agreed terms of the transaction.