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Definition by Wiktionary (Licensed under Creative Commons Attribution/Share-Alike License)

corporationcor`po*ra"tion (kôr`p&osl;*rā"shŭn), n. [l. corporatio incarnation: cf. f. corporation corporation.] a body politic or corporate, formed and authorized by law to act as a single person, and endowed by law with the capacity of succession; a society having the capacity of transacting business as an individual.note: corporations are aggregate or sole. corporations aggregate consist of two or more persons united in a society, which is preserved by a succession of members, either forever or till the corporation is dissolved by the power that formed it, by the death of all its members, by surrender of its charter or franchises, or by forfeiture. such corporations are the mayor and aldermen of cities, the head and fellows of a college, the dean and chapter of a cathedral church, the stockholders of a bank or insurance company, etc. a corporation sole consists of a single person, who is made a body corporate and politic, in order to give him some legal capacities, and especially that of succession, which as a natural person he can not have. kings, bishops, deans, parsons, and vicars, are in england sole corporations. a fee will not pass to a corporation sole without the word "successors" in the grant. there are instances in the united states of a minister of a parish seized of parsonage lands in the right of his parish, being a corporation sole, as in massachusetts. corporations are sometimes classified as public and private; public being convertible with municipal, and private corporations being all corporations not municipal.   similar words(37) 

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A body politic or corporate, formed and authorized by law to act as a single person, and endowed by law with the capacity of succession; a society having the capacity of transacting business as an individual.  

Noun1. a business firm whose articles of incorporation have been approved in some state (synonym) corp (hypernym) firm, house, business firm (hyponym) conglomerate, empire (class) greenmail2. slang terms for a paunch (synonym) pot, potbelly, bay window, tummy (hypernym) belly, paunch (classification) colloquialism

Corporation, (n.)An ingenious device for obtaining individual profit without individual responsibility.   

Corfforaeth = n. corporation

A legal entity, allowed by legislation, which permits a group of people, as shareholders, to apply to the government for an independent organization to be created, which can then focus on persuing set objectives, and empowered with legal rights which are usually only reserved for individuals, such as to sue and be sued, own property, hire employees or loan and borrow money. - (read more on Corporation)  

An association of shareholders (or a single shareholder) createdunder law as an artificial person, having a legal entity separate from theindividuals who compose it, with the capacity of continuous existence orsuccession, and the capacity of taking, holding and conveying property, suingand being sued, and exercising, like a natural person, other powers that areconferred on it by law. A corporation's liability is normally limited to itsassets, the shareholders are thus protected against personal liability for thecorporation. the corporation is taxed at special tax rates, and thestockholders must pay an additional tax upon dividends or other profits fromthe corporation. corporations are subject to regulation by the state ofincorporation and by the jurisdictions in which they carry on their business.

A fictitious legal entity/person which has rights and duties independent of the rights and duties of real persons and which is legally authorized to act in its own name through duly appointed agents. It is owned by shareholders. usually created under the authority of state law.An aggregate corporation is an ideal body, created by law, composed of individuals united under a common name, the members of which succeed each other, so that the body continues the same notwithstanding the changes of the individuals who compose it, and which for certain purposes is considered as a natural person.A corporation, or body politic, or body incorporate, is a collection of many; individuals united in one body, under a special denomination, having perpetual succession under an artificial form, and vested by the policy of the law with a capacity of acting in several respects as an individual, particularly of taking and granting property, contracting obligations and of suing and being sued; of enjoying privileges and immunities in common and of exercising a variety of political rights, more or less extensive, according to the design of its institution or the powers conferred upon it, either at the time of its creation or at any subsequent period of its existence.In the case of dartmouth college against Woodward, 4 Wheat. Rep. 626, chief justice marshall describes a corporation to be 'an artificial being, invisible, intangible, and existing only in contemplation of law. being the mere creature of law,' continues the judge, 'it possesses only those properties which the charter of its creation confers upon it, either expressly or as incidental to its very existence. these are such as are supposed best calculated to effect the object for which it was created. among the most important are immortality, and if the expression may be allowed, individuality properties by which a perpetual succession of many persons are considered, as the same, and may act as the single individual, they enable a corporation to manage its own affairs, and to hold property without the perplexing intricacies, the hazardous and endless necessity of perpetual conveyance for the purpose of transmitting it from hand to hand. It is chiefly for the purpose of clothing bodies of men, in succession, with these qualities and capacities, that corporations were invented, and are in use.'The words corporation and incorporation are frequently confounded, particularly in the old books. the distinction between them is, however, obvious; the one is the institution itself, the other the act by which the institution is created.Corporations are divided into public and private.Public corporations, which are also called political and sometimes municipal corporations, are those which have for their object the government of a portion of the state and although in such case it involves some private interests, yet, as it is endowed with a portion of political power, the term public has been deemed appropriate.Another class of public corporations are those which are founded for public, not for political or municipal purposes, and the whole interest in which belongs to the government. the bank of philadelphia for example, if the whole stock belonged exclusively to the government, would be a public corporation; but inasmuch as there are other owners of the stock, it is a private corporation.Nations or state are denominated by publicists, bodies politic, and are said to have their affairs and interests and to deliberate and resolve in common. they thus become as moral persons, having an understanding and will peculiar to themselves, and are susceptible of obligations and laws. In this extensive sense the united states may be termed a corporation; and so may each state singly.Private Corporations. In the popular meaning of the term nearly every corporation is public, inasmuch as they are created for the public benefit; but if the whole interest does not belong to the government, or if the corporation is not created for the administration of political or municipal power, the corporation is private. A bank, for instance, may be created by the government for its own uses; but if the stock is owned by private persons it is a private corporation, although it is created by the government and its operations partake of a private nature. the rule is the same in the case of canal, bridge, turnpike, insurance companies, and the like. charitable or literary corporations, founded by private benefaction, are in point of law private corporations, though dedicated to public charity, or for the general promotion of learning.Private corporations are divided into ecclesiastical and lay.Ecclesiastical corporations in the united states are commonly called religious corporations they are created to enable religious societies to manage with more facility and advantage the temporalities belonging to the church or congregation.Lay corporations are divided into civil and eleemosynary. civil corporations are created for an infinite variety of temporal purposes, such as affording facilities for obtaining loans of money; the making of canals, turnpike roads and the like. and also such as are established for the advancement of learning.Eleemosynary corporations are such as are instituted upon a principle of charity, their object being the perpetual distribution of the bounty of the founder of them to such persons as he has directed. Of this kind are hospitals for the relief of the impotent, indigent and sick or deaf and dumb.Corporations, considered in another point of view, are either sole or agregate.A sole corporation, as its name implies, consists of only one person to whom and his successors belongs that legal perpetuity, the enjoyment of which is denied to all natural persons. those corporations are not common in the united States. In those states, however, where the religious establishment of the church of england was adopted when they were colonies, together with the common law on that subject, the minister of the parish was seised of the freehold, as persona ecclesiae, in the same manner as in England; and the right of his successors to the freehold being thus established was not destroyed by the abolition of the regal government, nor can it be divested even by an act of the state legislature.A sole corporation cannot take personal property in succession; its corporate capacity of taking property is confined altogether to real estate.An aggregate corporation consists of several persons who are united in one society, which is continued by a succession of members. Of this kind are the mayor or commonalty of a city; the heads and fellows of a college; the members of trading companies, and the like.    this entry contains material from Bouvier's legal Dictionary, a work published in the 1850's.

A legal "person" that is separate and distinct from its owners. A corporation is allowed to own assets, incur liabilities, and sell securities, among other things.

A legal entity that has met certain state or federal requirements. It is considered as an artificial person. It may own assets, incur debts, etc., and is usually run by a board of directors who have specific powers.

A corporation is a legal entity (technically, a juristic person) which has a separate legal personality from its members.

both 'C' hands, palms facing, are held a few inches apart at chest height. they are swung around in unison, so that the palms now face the body.

also referred to as "limited liability corporation." A type of legal entity provided for in the laws of most modern economically developed countries that two or more investors may agree to create for the purpose of combining some of their resources and going into business together. corporations have the status of "artificial legal persons" and thus may own property, make contracts, be held responsible for committing crimes or torts, initiate court actions such as lawsuits, and so on. In the united States, businesses organized as limited liability corporations must indicate their status as such by including the word "Incorporated" ("Inc.") in the name of the firm. In other countries, the same purpose is served by using the equivalent abbreviations "Ltd." (Limited) or "S.A." (Anonymous Society) at the end of the company's name. It is today by far the most widespread and successful form of ownership of business property in all advanced capitalist countries. the key feature of the modern business corporation that sets it apart from simple partnerships and sole proprietorships is that it provides the owners of the business with the important legal protection of "limited liability," whereas these other forms of business organization generally do not. If a failing business enterprise that is owned as a sole proprietorship or partnership is unable to generate enough money to pay its bills, the personal liability of the owners is unlimited -- that is, the unpaid creditors of the business can take legal action to seize not only any assets directly connected with the business itself but also the personal property of any individual owner as well, up to the full amount of the debt. but if a limited liability corporation goes belly up, the legal claims of the company's creditors normally can extend only to the assets actually owned by the corporation in its own name, and not to the individually-owned property of the company's shareholders. the individual owner's shares in the corporation might become worthless if the business fails, but he or she does not have to worry about the sheriff showing up to seize the house or the car or the family bank accounts to pay off the rest of what the company's creditors are owed. protection from personal liability makes it much safer and therefore more attractive for more individuals to use some of their savings to become part-owners of very large business organizations. without limited liability, even the tiniest investment would put a shareholder's entire remaining fortune at risk. during the middle ages and the early years of the industrial Revolution, the corporate form of ownership for business organizations was generally available only as a very special privilege occasionally awarded by the government to a handfull of royal favorites. but changes in the legal codes of great Britain, the united States, france and other economically progressive countries during the 19th century removed most of the practical barriers to widespread adoption of the corporate form of ownership. this made it much easier to raise capital for new business enterprises. By allowing for pooling the savings of hundreds, thousands, or even millions of individual investors at manageable levels of risk, the widespread adoption of the corporate form of business ownership made extremely large scale private investment projects practical for the first time in history, thereby contributing greatly to the modern era's historic surge in economic growth that continues up to the present day. [See also: property rights]

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Word analysis of corporation