Corporations
Corporations
Corporations (pronunciation: /kɔːr.pəˈreɪ.ʃən/) are legal entities that are separate and distinct from their owners. The term "corporation" is derived from the Latin word "corpus", which means "body", and the legal concept of a corporation as a fictitious body was developed in the early Roman law.
Corporations can be established for a variety of purposes, including business, non-profit, and governmental. They have certain rights and responsibilities under the law, including the ability to enter into contracts, sue and be sued, and own property.
Types of Corporations
There are several types of corporations, including:
- C Corporation: A C corporation is a legal entity that protects the owners' personal assets from creditors. It can have an unlimited number of shareholders, and these shareholders can be other corporations or foreign entities.
- S Corporation: An S corporation is similar to a C corporation, but it is designed for small businesses. It has a limited number of shareholders, and these shareholders must be U.S. citizens or residents.
- Non-Profit Corporation: A non-profit corporation is a legal entity that is established for a purpose other than making a profit. It can be a charity, a school, a hospital, or any other type of organization that serves the public interest.
- Government Corporation: A government corporation is a legal entity that is established by a government to provide a specific service. Examples include the U.S. Postal Service and Amtrak.
Related Terms
- Shareholder: A shareholder is an individual or entity that owns shares in a corporation.
- Board of Directors: The board of directors is a group of individuals who are elected by the shareholders to oversee the management of the corporation.
- Corporate Governance: Corporate governance refers to the system of rules, practices, and processes by which a corporation is directed and controlled.
- Limited Liability: Limited liability is a legal concept that protects a corporation's shareholders from being personally liable for the corporation's debts.
External links
- Medical encyclopedia article on Corporations
- Wikipedia's article - Corporations
This WikiMD dictionary article is a stub. You can help make it a full article.
Languages: - East Asian
中文,
日本,
한국어,
South Asian
हिन्दी,
Urdu,
বাংলা,
తెలుగు,
தமிழ்,
ಕನ್ನಡ,
Southeast Asian
Indonesian,
Vietnamese,
Thai,
မြန်မာဘာသာ,
European
español,
Deutsch,
français,
русский,
português do Brasil,
Italian,
polski