Simple Definition of corporation
: a large business or organization that under the law has the rights and duties of an individual and follows a specific purpose
Full Definition of corporation
1 a : a group of merchants or traders united in a trade guild b : the municipal authorities of a town or city
2 : a body formed and authorized by law to act as a single person although constituted by one or more persons and legally endowed with various rights and duties including the capacity of succession
3 : an association of employers and employees in a basic industry or of members of a profession organized as an organ of political representation in a corporative state
4 : potbelly 1
Examples of corporation in a sentence
He works as a consultant for several large corporations.
<a substantial corporation that showed that he was a sucker for all-you-can-eat buffets>
First Known Use of corporation
CORPORATION Defined for Kids
Definition of corporation for Students
: a business or organization authorized by law to carry on an activity with the rights and duties of a single person
Word Root of corporation
The Latin word corpus, meaning “body,” and its form corporis give us the root corp or corpor. Words from the Latin corpus have something to do with the body. Corporal is an adjective describing something that has to do with a person's or animal's body. A corporal is a military officer who leads a body of soldiers. A corporation is a body, or group, of people who run a company. A corpse is a dead body.
Legal Definition of corporation
1 : 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 proprietorship benefit corporation : a for-profit corporation whose purpose is to provide a benefit to society (such as improving the environment or promoting good health) in addition to making a profit for shareholders —called also B corporation, public benefit corporationC corporation : a corporation that pays taxes as a corporate entity — compare S corporation in this entry Editor's note: A corporation that does not choose to be an S corporation under the Internal Revenue Code is a C corporation. close corporation \ˈklōs-\ play : a corporation whose shares are held by a small number of individuals (as management) and not publicly traded; specifically : small business corporation in this entry —called also closely held corporation — compare public corporation 2 in this entry foreign corporation : a corporation organized under the laws of a state or government other than that in which it is doing business government corporation : public corporation 1 in this entry moneyed corporation : a corporation (as a bank) authorized to engage in the investment, exchange, or lending of moneyed capital municipal 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 Editor's note: As a result of its incorporation, a municipal corporation has the capacity to sue and be sued. Citizens as well as officials are usually 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 advantages public corporation 1 : 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 entry S corporation : a small business corporation that is treated for federal tax purposes as a partnership —called also subchapter S corporation — compare c corporation in this entry shell corporation 1 : 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 usually unrelated to its primary business 2 : a corporation formed for purposes of tax evasion or acquisition or merger rather than for a legitimate business purpose small 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 accordingly subchapter S corporation : s corporation in this entry
Origin and Etymology of corporation
Late Latin corporatio, from Latin corporare to form into a body, from corpor-, corpus body
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