cor·po·ra·tion /ˌkȯr-pə-'rā-shən/ n [Late Latin corporatio, from Latin corporare to form into a body, from corpor - corpus body]: an invisible, intangible, artificial creation of the law existing as a voluntary chartered association of individuals that has most of the rights and duties of natural persons but with perpetual existence and limited liability see also pierce compare association, partnership, sole proprietorshipclose corporation /'klōs-/: a corporation whose shares are held by a small number of individuals (as management) and not publicly traded; specif: small business corporation in this entry – called also closely held corporation; compare public corporation 2 in this entryforeign corporation: a corporation organized under the laws of a state or government other than that in which it is doing businessgovernment corporation: public corporation (1) in this entrymoneyed corporation: a corporation (as a bank) authorized to engage in the investment, exchange, or lending of moneyed capitalmunicipal corporation: a political unit created or otherwise given corporate status (as by a charter) by a superior governing authority (as a state) and endowed with powers of local self-government (as eminent domain); broadly: a public corporation (as a utility) created to act as an agency of administration and local self-government◇ As a result of its incorporation, a municipal corporation has the capacity to sue and be sued. Citizens as well as officials are usu. considered part of a municipal corporation.professional corporation: a corporation organized by one or more licensed individuals (as a doctor or lawyer) to provide professional services and obtain tax advantagespublic corporation1: a government-owned corporation (as a utility or railroad) engaged in a profit-making enterprise that may require the exercise of powers unique to government (as eminent domain) – called also government corporation, publicly held corporation;2: a business corporation whose stocks are publicly traded – called also publicly held corporation; compare close corporation in this entryS corporation: a small business corporation that is treated for federal tax purposes as a partnership – called also subchapter S corporation;shell corporation1: a corporation that exists as a legal entity without independent assets or operations as an instrument by which another company or corporation can carry out dealings usu. unrelated to its primary business2: a corporation formed for purposes of tax evasion or acquisition or merger rather than for a legitimate business purposesmall business corporation: a corporation described in section 1361 of the Internal Revenue Code that has 35 shareholders or less and only one class of stock and that may if eligible elect to be an S corporation and taxed accordinglysubchapter S corporation: s corporation in this entry
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
affiliate, affiliation, agglomerate, alliance, artificial entity, artificial person, associate, association, body, body corporate, business, business association, business establishment, coalition, combination, combine, commercial enterprise, company, concern, confederacy, conglomerate, conlegium, consociation, consolidation, corporate body, enterprise, establishment, federation, firm, foundation, holding company, industry, institute, institution, joint concern, legal body, legal entity, operating company, organization, sodality, stock company, syndicate, union
associated concepts: alter ego, business trust, cartel, closed corporation, closely held corporation, consolidation, corporate charter, corporate officers dissolution, corporate structure, de facto corporation, de jure corporation, derivative action, directors, dissolution, domestic corporation, fictitious corporations, foreign corporation, joint stock associations, limited partnerships, membership corporation, merger, municipal corporation, officers, parent corporation, public corporation, partnership, proxies, self-dealing, shareholders, sole proprietorship, stockholders, subsidiaries, voting trusts
- jus quo universitates utuntur est idem quod habent privati. — The law which governs corporations is the same as that which governs individuals- Corporatio non dicttur aliquid face re nisi id sit collegiallter dellberari, etiamsi major pars id faciat. — A corporation is not said to do anything unless it be deliberated upon collectively, although the majority should do itII index affiliation (amalgamation), association (alliance), business (commercial enterprise), company (enterprise), concern (business establishment), enterprise (economic organization), league, trust (combination of businesses)
Burton's Legal Thesaurus. William C. Burton. 2006
n.The legal entity created by law of an association of people who hold shares of a business, existing as an artificial person that can sue and be sued and whose liability is generally limited to corporate assets.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
A legal structure authorized by state law that allows a business to organize as a separate legal entity from its owners. A corporation is often referred to as an "artificial legal person," meaning that, like an individual, it can enter into contracts, sue and be sued, and do the many other things necessary to carry on a business. One advantage of incorporating is that a corporation's owners (shareholders) are legally shielded from personal liability for the corporation's liabilities and debts (unpaid taxes are often an exception). (See also: nonprofit corporation, C corporation, S corporation)Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & FinancesCategory: Business Cash Flow Problems & BankruptcyCategory: Business, LLCs & Corporations → Business Tax & DeductionsCategory: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc.Category: NonprofitsCategory: Personal Finance & Retirement → Taxes → Tax Audits
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
United KingdomFor the purposes of the Companies Act 2006, this includes a body incorporated outside the UK but does not include:• A corporation sole; or• A partnership that, whether or not a legal person, is not regarded as a body corporate under the law by which it is governed (section 1173(1), Companies Act 2006).See also body corporate which has the same meaning under the Companies Act 2006.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
n. 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.@ brother-sister corporations=>> sister corporations.=>> corporation.@ C corporationA 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 an S corporation is, by default, a C corporation. Also called Subchapter C corporation.See also S corporation=>> corporation.@ close corporationA 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=>> corporation.@ closed corporationA 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 close corporation, closely held corporation, or privately held corporation.See also publicly held corporation=>> corporation.@ domestic corporation1 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 corporation2 For federal income tax purposes, a corporation whose articles of incorporation have been filed in the United States.=>> corporation.@ dummy corporationA corporation whose sole purpose is to conceal the owners' identities and to protect them from personal liability.=>> corporation.@ foreign corporationA 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=>> corporation.@ municipal corporationA 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.=>> corporation.@ nonprofit corporation@ non-profit corporation@ not-for-profit corporationnon(-)profit corporation | not-for-profit corporationA 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.n. A corporation organized for other than commercial purposes; for example, for charity or to advance a viewpoint on policy.=>> corporation.@ nonstock corporation@ non-stock corporationA 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 non-stock corporations.@ parent corporationSame as parent company.See also company, corporation.=>> company, corporation.@ private corporationA corporation created and owned by private individuals for a nongovernmental, usually business or non-profit, purpose.See also public corporation=>> corporation.@ privately held corporationA 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 close corporation.See also publicly held corporation=>> corporation.@ professional corporationA 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.=>> corporation.@ public corporation1 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 corporation2=>> publicly held corporation.=>> corporation.@ publicly held corporationA 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=>> corporation.@ S corporationA 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=>> corporation.@ shell corporationA 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.=>> corporation.@ sister corporationsTwo or more corporations that are subsidiaries of the same parent company. Also called brother-sister corporations.@ subsidiary corporationA corporation in which a parent company owns enough shares to control its activities and the selection of its officers and directors. Also called subsidiary.@
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
n.an organization formed with state governmental approval to act as an artificial person to carry on business (or other activities), which can sue or be sued, and (unless it is non-profit) can issue shares of stock to raise funds with which to start a business or increase its capital. One benefit is that a corporation's liability for damages or debts is limited to its assets, so the shareholders and officers are protected from personal claims, unless they commit fraud. For private business corporations the articles of incorporation filed with the Secretary of State of the incorporating state must include certain information, including the name of the responsible party or parties (incorporators and agent for acceptance of service), the amount of stock it will be authorized to issue, and its purpose. In some states the purpose may be a general statement of any purpose allowed by law, while others require greater specificity. Corporation shareholders elect a board of directors, which in turn adopts bylaws, chooses the officers and hires top management (which in smaller corporations are often the directors and/or shareholders). Annual meetings are required of both the shareholders and the board, and major policy decisions must be made by resolution of the board (which often delegates much authority to officers and committees). Issuance of stock of less than $300,000, with no public solicitation and relatively few shareholders, is either automatically approved by the state commissioner of corporations or requires a petition outlining the financing. Some states are considered lax in supervision, have low filing fees and corporate taxes and are popular incorporation states, but corporations must register with Secretaries of State of other states where they do substantial business as a "foreign" corporation. Larger stock offerings and/or those offered to the general public require approval by the Securities and Exchange Commission after close scrutiny and approval of a public "prospectus" which details the entire operation of the corporation. There are also non-profit (or not for profit) corporations organized for religious, educational, charitable or public service purposes. Public corporations are those formed by a municipal, state or federal government for public purposes such as operating a dam and utility project. A close corporation is made up of a handful of shareholders with a working or familial connection which is permitted to operate informally without resolutions and regular board meetings. A de jure corporation is one that is formally operated under the law, while a de facto corporation is one which operates as if it were legal, but without the articles of incorporation being valid. Corporations can range from the Corner Mini-Mart to General Electric.See also: articles of incorporation, board of directors, bylaws, close corporation, de facto corporation, de jure corporation, non-profit corporation, public corporation, securities
Law dictionary. EdwART. 2013.
Look at other dictionaries:
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corporation — [ kɔrpɔrasjɔ̃ ] n. f. • 1530; angl. corporation « réunion, corps constitué », du lat. médiév. corporari « se former en corps » 1 ♦ Hist. Association d artisans, groupés en vue de réglementer leur profession et de défendre leurs intérêts. ⇒… … Encyclopédie Universelle
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corporation — Under Title 11 U.S.C. Section 101: (9) The term corporation (A) includes (i) association having a power or privilege that a private corporation, but not an individual or a partnership, possesses; (ii) partnership association organized under a law … Glossary of Bankruptcy
corporation, S — n. A small corporation that can have its taxable income taxed to its shareholders to avoid corporate income tax. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 … Law dictionary
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