Legal aspects of corporate governance and its role in business processes

According to general rule, a legal entity cannot exist without any management bodies. It is through a corporate system that the legal entity's will is formed and realized outwardly. A legal entity's formation procedure and competence shall be determined by law and by the legal entity's constituent document. Clear distribution of managerial functions among the bodies of a corporation allows it to duly form and express its will without any impairment of its participants' interests.