corporation

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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

A business that is legally completely separate from its owners. Most publicly-traded companies (and all major ones) fall under this classification. For United States tax purposes, corporations, legally known as C corporations, are required to pay income taxes on their profits. The advantage to a corporate structure is the fact that, unlike other structures, there is no limit to the number of shareholders. A disadvantage is the fact that, because a corporation is taxed by itself and its individual shareholders are taxed on dividends, it is subject to double taxation. It is important to note that the term corporation almost never refers to an S corporation, which is not entirely separate from its owners.

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

a North American term for a JOINT-STOCK COMPANY.

corporation

  1. 1a private enterprise FIRM incorporated in the form of a JOINT-STOCK COMPANY.
  2. a publicly owned business such as a nationalized industry.

corporation

 A legal entity created by filing documents with the local secretary of state, commissioner of corporations,or similar official. It may have as few as one shareholder,must begin life with some minimal amount of assets gained as a result of the shareholder(s) paying for shares of stock, may be stipulated as having a limited life span or perpetual existence until formally dissolved, and may be designated as having the powers to do only limited types of things or anything allowed by law.The entity thus created will enjoy all the rights and responsibilities of natural persons,including owning and renting real estate,and suing or being sued in the courts.The IRS allows corporations to be segregated into three main types for tax accounting purposes:

1. S-corporation. A small corporation that is allowed to file information returns only. It pays
     no taxes on its income but, instead, sees all income taxed to the shareholders according to
     their pro rata share of the corporation.

2. C-corporation. Any corporation that does not meet the limitations for an S-corporation,
     or one that otherwise qualifies for S-corporation status but elects to be treated as a C-cor-
     poration. The corporation files its own tax returns, pays taxes on income, and then dis-
     tributes dividends to shareholders who pay taxes on the dividends.

3.501(c)(3) corporation. A not-for-profit corporation authorized by Section 501(c)(3) of the
     Internal Revenue Code, which files an information tax return but pays no taxes.

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.
References in periodicals archive ?
Justice Kennedy's opinion for the Court in Citizens United and Justice Alito's opinion for the Court in Hobby Lobby focused on the rights of free speech and the free exercise of religion, more or less accepting that those rights can inhere in corporate persons. Some of the strongest public reactions to these opinions have to do precisely with the fact that they are defenses of the rights of corporate persons and not rights of natural human beings.
It is the result of the terms of a contract in which each individual transfers all of his or her natural rights and freedom to everyone else in order to create a new corporate person.
You should not forget that I was a student, undergraduate, a corporate person who held a high position of responsibility both at home and beyond.
A Single Person Company ("SPC") is a company which is fully owned by a single natural or corporate person. The owner is liable for the company's debts and obligations only to the extent of the value of his capital investment in the company.
Indeed, although the Supreme Court dismissed any difference between a profit-seeking person and a profit-seeking corporate person, (32) the distinction is obvious: only one involves an actual human being.
"I think it's not for me," he explains that a corporate person needs to be somewhat charismatic (given the need to make justifications up the ladder), a trait that he doesn't think applies to him.
To have those voices silenced by the wealth of a single "corporate person" runs counter to representative democracy.
Fayza Saad, INJAZ Qatar Director says corporate volunteers are the spirit of INJAZ, : "When a corporate person walks into a class it is a new experience for the students who are eager to learn about the real business world.
A lawyer laments that his corporation (a corporate person) has been discriminated against, thus violating the equal protection clause of the Fourteenth Amendment.
Second, there is modern business ethics, especially theories of corporate responsibility ("the corporate person").
He has experience as a corporate person and also as a seasoned civil servant.
Other authors not only do not find that corporate personhood compels us to treat a corporate person as possessing the same rights as human beings, they warn that "reification is a device for making something that is in fact complex seem simple, and that can be dangerous." (59)

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