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Working paper

A New Outline of Corporate Law

This paper continues to investigate legal corporate governance issues. Over the last decade few topics in corporate law have proven as alluring and as elusive as the connection between information technologies (IT), corporate governance (CG) and corporate law.  The dynamics of the development of modern law are determined by many factors, one of which is the rapid involvement of IT in all spheres of life. Everything in physical life can become a digital sign. We are in the era of successful "small" firms whose business models are built on a combination of software platforms, telecommunications technology and commercial transactions conducted "outside the firm". IT allows them to remotely carry out various business transactions, including corporate actions, providing participation in the governance of the corporation. The term IT covers a large array of electronic vehicles from software to artificial intelligence. Due to technological development, IT has quickly entered corporate governance structures in a large number of corporations. Some scholars argue that artificial intelligence will also be the new reality of corporate life in the very near future. Several questions are raised in connection with this. For example, do current laws need any changes? What are the prerequisites for modern corporate law. There has been a progressive revision of the fundamentals of corporate law over the last few decades, considering that key provisions of corporate law were created during and after the industrial revolution. I explore two paths of legal research in CG and corporate law: using IT for CG procedures, and an adjustment of CG rules for e-corporations. In addition the question is raised whether a virtual corporation has to have a corporate structure similar to the structure of a modern corporation. This new outline of corporate law is a new understanding of current corporate law.