Corporation

Corporation

A Corporation (/kɔːr.pəˈreɪ.ʃən/), also known as a company or corporate entity, is a legal entity separate from its owners.

Etymology

The term "corporation" derives from corpus, the Latin word for body, or a "body of people".

Definition

A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law 'born out of statute"; a legal person in legal context) and recognized as such in law for certain purposes.

Characteristics

Corporations come in many different types but are usually divided by the law of the jurisdiction where they are chartered into two kinds: by whether they can issue stock, or by whether they are formed to make a profit. Depending on the number of owners, a corporation can be classified as aggregate (owned by several entities) or sole (owned by one entity).

Related Terms

• Limited Liability Company (LLC)
• Partnership
• Sole Proprietorship
• Non-profit Organization
• Cooperative

See Also

• Business
• Company Law
• Corporate Law
• Corporate Governance

External links

• Medical encyclopedia article on Corporation
• Wikipedia's article - Corporation

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