Corporation meaning

kôrpə-rāshən
Frequency:
The definition of a corporation is a legal entity with its own rights, privileges and liabilities separate from the members who created it.

An example of a corporation is Apple Computer.

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Such a body created for purposes of government.
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An entity such as a business, municipality, or organization, that involves more than one person but that has met the legal requirements to operate as a single person, so that it may enter into contracts and engage in transactions under its own identity.
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A group of people combined into or acting as one body.
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(informal) A large, prominent belly.
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An entity, usually a business, created by a legislative act or by individuals who have agreed upon and filed articles of incorporation with the state government. Ownership in the corporation is typically represented by shares of stock. Furthermore, a corporation is legally recognized as an artificial person whose existence is separate and distinct from that of its shareholders who are not personally responsible for the corporation’s acts and debts. As an artificial person, a corporation has the power to acquire, own, and convey property, to sue and be sued, and such other powers of a natural person that the law may confer upon it. Abbreviated corp. See charter, corporate, and seal.
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A corporation whose articles of incorporation have been filed in a particular state. (The corporation is a domestic corporation of that state.) See also foreign corporation.
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(slang) A protruding belly; a paunch.
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A legal entity that exists independently of the person or persons who have been granted the charter creating it and that is invested with many of the rights given to individuals: a corporation may enter into contracts, buy and sell property, etc.
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A group of people, as the mayor and aldermen of an incorporated town, legally authorized to act as an individual.
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Any of the political and economic bodies forming a corporative state, each being composed of the employers and employees in a certain industry, profession, etc.
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A legal entity that exists under authority granted by state law. A corporation has its own identity, separate from its shareholders or owners, and as such can be sued, enter into contracts, buy or sell real estate or property, and even break the law. A corporation is responsible for its debts; typically, responsibility can’t be directly assessed to shareholders or corporate directors or officers. A corporation continues indefinitely and is not affected by the death of shareholders, directors, or officers.
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See sister corporations.
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A corporation that pays corporate income taxes on its income rather than having its profits taxed as the personal income of its shareholders. Any corporation that is not a S corporation is, by default, a C corporation. Also called subchapter C corporation. See also S corporation.
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A corporation owned by a single individual or a small group of individuals, often all personally involved in the corporation’s business or related to another, who frequently conduct the corporation’s business without such formalities as annual shareholder meetings, and whose share of stocks cannot be sold to anyone outside the group without the prior permission of the other shareholders. The rights and privileges of such corporations vary state to state. Also called closed corporation, closely held corporation, or privately held corporation. See also publicly held corporation.
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For federal income tax purposes, a corporation whose articles of incorporation have been filed in the United States.
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A corporation whose sole purpose is to conceal the owners’ identities and to protect them from personal liability.
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A corporation whose articles of incorporation have been filed in another state or country. (A corporation whose articles of incorporation have been filed in one state or country is a foreign corporation in every other state or country.) See also domestic corporation.
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A political entity, such as a county, city, town, village, or school district, that is created by and derives its limited powers of self-government (including the ability to enter contracts and to sue and be sued) from the state legislature. See also immunity.
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A corporation organized for a chartable, cultural, educational, religious, or some other purpose other than making a profit or distributing its income to its shareholders, officers, or others similarly affiliated with it. Usually, such corporations are given special treatment under state and federal tax laws. Also called not-for-profit corporation.
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A corporation in which ownership is conferred by a membership charter or agreement that governs the owners’ rights and liabilities rather than by the ownership of shares of stock. For example, mutual savings banks and fraternal organizations are usually nonstock corporations.
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Same as parent company. See company.
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A corporation created and owned by private individuals for a nongovernmental, usually business or nonprofit, purpose. See also public corporation.
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A corporation owned by a small group of individuals who practice a common occupation that requires a professional license (such are accounting, architecture, law, or medicine). Such a corporation has the same, but not all, of the characteristics of a private corporation. Abbreviated P.C. Also called P.A. or professional association.
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A corporation created by a state or the federal government and, while often financially independent of the government, engages as a government agency in activities that benefit the general public. A publicly appointed board of directors manages such a corporation. See also private corporation.
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See publicly held corporation.
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A corporation whose shares of stock are sold to, freely traded amongst, and owned by a diverse group of shareholders who are members of the general public. See also close corporation.
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A corporation with a small number of shareholders that has elected, pursuant to Subchapter S of the Internal Revenue Code, to have its income treated as personal income to its shareholders for income tax purposes rather than have the corporation pay the normal corporate income taxes on the income. Also called subchapter S corporation. See also C corporation.
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A corporation that has no business or ongoing activity (and sometimes no substantial assets) of its own and is typically used to conceal another corporation’s business activities.
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Two or more corporations that are subsidiaries of the same parent company. Also called brother-sister corporations. See also affiliate and company.
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A corporation in which a parent company owns enough shares to control its activities and the selection of its officers and directors. Also called a subsidiary.
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A group of individuals, created by law or under authority of law, having a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members.
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(informal) A protruding abdominal region; a potbelly.
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Origin of corporation

  • From Late Latin corporatio (“assumption of a body”), from Latin corporare, past participle corporatus (“to form into a body”); see corporate.

    From Wiktionary