Answer: a charted entity that has rights and liabilities distinct from those of its
members
corporation
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noun
Word Origin late Middle English: from late Latin corporatio(n-) from Latin corporare 'combine in one body' (see corporate).
Scrabble Points: 15
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A corporation is a legal entity that is separate and distinct from its owners. 1  Corporations enjoy most of the rights and responsibilities that individuals possess: they can enter contracts ...
English Language Learners 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 See the full definition for corporation in the English Language Learners Dictionary
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A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and recognized as such in law for certain purposes.
In forming a corporation prospective shareholders exchange money property or both for the corporation's capital stock. A corporation generally takes the same deductions as a sole proprietorship to figure its taxable income. A...