Corporation (US law)/Definition: Difference between revisions

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One of three principal legal forms of organization of business. (The other two are sole proprietorships and partnership). In U.S. legal doctrine, a corporation is technically an individual, not an organization. At minimum, the organization of a corporation is its board, but paid employees or "agents" may also be organized into a company (in the archaic sense or an organized group). The organization of business corporations also includes another category of owners or stock- or shareholders who receive portions of the profits of the corporation.
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A legal entity that is  distinct from its owners and may employ people, buy and sell assets, and lend or borrow money; it is jointly owned by shareholders, who participate in its profits but are not personally liable for its debts.

Latest revision as of 04:15, 30 September 2020

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https://en.citizendium.org/wiki/index.php?title=Corporation_(US_law)/Definition&printable=yes
A definition or brief description of Corporation (US law).

A legal entity that is distinct from its owners and may employ people, buy and sell assets, and lend or borrow money; it is jointly owned by shareholders, who participate in its profits but are not personally liable for its debts.

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