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Corporation
(redirected from Incorporated businesses)

   Also found in: Medical, Legal, Encyclopedia, Wikipedia, Hutchinson 0.04 sec.
Corporation
A legal entity that is separate and distinct from its owners. A corporation is allowed to own assets, incur liabilities, and sell securities, among other things.

corporation
An organized body, especially a business, that has been granted a state charter recognizing it as a separate legal entity having its own rights, privileges, and liabilities distinct from those of the individuals within the entity. A corporation can acquire assets, enter into contracts, sue or be sued, and pay taxes in its own name. Corporations issue shares of stock to individuals supplying ownership capital and issue bonds to individuals lending money to the business. The corporation is a desirable organization for a business entity for a variety of reasons including the increased capability such an entity has to raise capital. Most large firms, especially those engaged in manufacturing, are organized as corporations. All stocks sold in the primary market and traded in the secondary market are shares of corporate ownership. Compare partnership, proprietorship. See also incorporate, limited liability, unlimited liability.

Corporation
For income tax purposes, an entity that is incorporated under the laws of a state, a foreign entity that is treated as a corporation under IRS regulations, or an unincorporated entity that elects to be taxed as a corporation by filing Form 8832.


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Like other incorporated businesses of the time, the Massachusetts Bay Company was controlled by what was called a general court, comprising its stockholders, called freemen, who elected officers, called assistants, and a CEO, called a governor.
Private companies represent over 99% of the nation's incorporated businesses.
financial reports, CPAs and other financial professionals working in or serving private companies, which represent more than 99% of the nation's incorporated businesses.
 
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