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Introduction to Company Law

Introduction to Company Law (3rd edn)

Paul Davies
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date: 16 October 2021

p. 11. Introductionlocked

p. 11. Introductionlocked

  • Paul DaviesPaul DaviesSenior research fellow, Harris Manchester College, Oxford

Abstract

This chapter analyses the organisational structure created by company law for the conduct of business through its five core features: recognition of the company as an entity distinct from all its shareholders; limited liability for shareholders; specialised management, separate from the shareholders; the lock-in of the shareholders’ contributions coupled with ease of transfer of the shareholder interest; and free allocation of rights of control over the company to the members of the company. At the same time, the chapter identifies the agency problems created by this structure, the regulation of which is discussed in the following chapters. The chapter also briefly sketches the multiple sources of company law.

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