"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."
A legal entity that is separate from its owners. The corporation can sue and be sued, own property, and pay taxes.
Corporate Structure: The organizational hierarchy and legal framework of a corporation, including the board of directors, executives, and shareholders.
Corporate Governance: The system by which corporations are directed and controlled, including principles of accountability, transparency, and ethical behavior.
Financial Management: The management of a corporation's financial resources, including accounting, financial reporting, and investment management.
Marketing: The study of consumer behavior and market trends, including branding, advertising, and sales.
Operations Management: The management of a corporation's production and delivery of goods and services, including supply chain management and quality control.
Human Resources: The management of a corporation's workforce, including hiring, training, and compensation.
Legal Issues: The laws and regulations that govern corporations, including contract law, employment law, and intellectual property law.
Corporate Social Responsibility: The commitment of a corporation to contribute to sustainable economic development by working with employees, their families, the local community, and society at large.
Risk Management: The identification and mitigation of potential risks that could negatively impact a corporation's financial condition or operations, including insurance and contingency planning.
Strategic Planning: The process by which a corporation's leaders define and articulate the organization's mission, vision, and long-term objectives, and develop plans to achieve them.
"Early incorporated entities were established by charter (i.e., by an ad hoc act granted by a monarch or passed by a parliament or legislature)."
"Corporations come in many different types but are usually divided by the law of the jurisdiction where they are chartered based on two aspects: by whether they can issue stock, or by whether they are formed to make a profit."
"One of the attractive early advantages business corporations offered to their investors, compared to earlier business entities like sole proprietorships and joint partnerships, was limited liability. Limited liability means that a passive shareholder in a corporation will not be personally liable either for contractually agreed obligations of the corporation, or for torts (involuntary harms) committed by the corporation against a third party."
"Limited liability in tort remains controversial because third parties do not agree to waive the right to pursue shareholders."
"Where local law distinguishes corporations by their ability to issue stock, corporations allowed to do so are referred to as stock corporations; one type of investment in the corporation is through stock, and owners of stock are referred to as stockholders or shareholders."
"Corporations not allowed to issue stock are referred to as non-stock corporations; i.e. those who are considered the owners of a non-stock corporation are persons (or other entities) who have obtained membership in the corporation and are referred to as a member of the corporation."
"Corporations chartered in regions where they are distinguished by whether they are allowed to be for-profit are referred to as for-profit and not-for-profit corporations, respectively."
"Registered corporations have legal personality recognized by local authorities and their shares are owned by shareholders whose liability is generally limited to their investment."
"Shareholders do not typically actively manage a corporation; shareholders instead elect or appoint a board of directors to control the corporation in a fiduciary capacity."
"Countries with co-determination employ the practice of workers of an enterprise having the right to vote for representatives on the board of directors in a company."
"In American English, the word corporation is most often used to describe large business corporations. In British English and in the Commonwealth countries, the term company is more widely used to describe the same sort of entity while the word corporation encompasses all incorporated entities."
"Late in the 19th century, a new form of the company having the limited liability protections of a corporation, and the more favorable tax treatment of either a sole proprietorship or partnership was developed."
"While not a corporation, this new type of entity became very attractive as an alternative for corporations not needing to issue stock."
"In Germany, the organization was referred to as Gesellschaft mit beschränkter Haftung or GmbH."
"In the last quarter of the 20th century, this new form of non-corporate organization became available in the United States and other countries, and was known as the limited liability company or LLC."
"In most circumstances, a shareholder may also serve as a director or officer of a corporation."
"In British English, the word company can include entities such as partnerships that would not be referred to as companies in British English as they are not a separate legal entity."
"Since the GmbH and LLC forms of organization are technically not corporations (even though they have many of the same features)..."
"...they will not be discussed in this article."