The time that our country have to face foreign exchange financial crisis, re-vision commercial law introduced corporate division system, To manage corpo-ration efficiently is the most important issue in company. Corporate division system means the seperation of a company into several companies. Corporate division enables company to maximize the profit of each parts and to focus its core business part. This thesis contains the system of corporate division system of Korea com-mercial law, Japan commercial law and European countries commercial law. In corporate division system, the right fo shareholoder and creditor should be protected. But our legisation is insufficient. The purpose of this thesis is to set a legislative direstion about insufficient regulations. For the purpose of this, it is necessary to make a expernal investigation system and a disclouse system.