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.
A commercial organisation  that is jointly owned by  shareholders  who participate in its profits but are not personally liable for its debts. A corporation is legally distinct from its owners and may employ people, own assets and lend or borrow money.

Revision as of 09:51, 21 February 2008

A commercial organisation that is jointly owned by shareholders who participate in its profits but are not personally liable for its debts. A corporation is legally distinct from its owners and may employ people, own assets and lend or borrow money.

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