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A corporation or body corporate is an individual or a group of people, such as an association or company, ...
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
A corporation was defined in the Dartmouth College case of 1819, in which Chief Justice Marshall of the United States Supreme Court stated: "A corporation is an artificial being, invisible, intangible, and existing only in contemplation of the law." A corporation is a legal entity, distinct and separate from the individuals who create and ...
A modern corporate office building in Münster, North Rhine-Westphalia, Germany An office building of Nokia Corporation in Hervanta, Tampere, Finland. A company, abbreviated as co., is a legal entity representing an association of legal people, whether natural, juridical or a mixture of both, with a specific objective. Company members share a ...
A corporate group is composed of companies. The general rule is that a company is a separate legal entity from its shareholders, that is the shareholder's liability for the subsidiary's debts is limited to the value of the shares, [4] and the shareholders cannot be required to perform the company's obligations.
A corporation sole is a legal entity consisting of a single ("sole") incorporated office, occupied by a single ("sole") natural person. [1] [2] This structure allows corporations (often religious corporations or Commonwealth governments) to pass without interruption from one officeholder to the next, giving positions legal continuity with subsequent officeholders having identical powers and ...
An ordinary corporation may change to a benefit corporation merely by stating in its approved corporate bylaws that it is a benefit corporation. [2] A company chooses to become a benefit corporation in order to operate as a traditional for-profit business while simultaneously addressing social, economic, and/or environmental needs. [3]
However, there is a great diversity in corporate forms, as enterprises range from single company to multi-corporate conglomerate. [1] The four main corporate structures are Functional, Divisional, Geographic, and the Matrix. Many corporations have a “hybrid” structure, which is a combination of different models with one dominant strategy. [2]