Commercial and Corporate Law
Business entities
Know the forms of legal persons: general partnership, limited partnership, limited liability company (LLC), joint-stock company (open and closed), and cooperatives. Understand incorporation, charter, registration, governing bodies, and the liability of participants. For companies, master the general meeting, executive body, and supervisory board, plus the rules on major transactions and conflicts of interest.
Commercial transactions
Understand commercial contracts, sale, supply, agency, and commercial representation. Know insolvency and restructuring basics, and the rules on competition and consumer protection insofar as they affect businesses.
Traps
Common traps: confusing the liability of an LLC participant (limited to contribution) with the unlimited liability of a general partnership; assuming an open joint-stock company may freely restrict share transfers; and missing that major transactions require special approval. Another trap is treating a branch as a separate legal person (it is not).
Rule of thumb
On any corporate question, identify the entity form first, because liability, governance, and transfer rules flow from it. Then check whether the act required a special approval.