Corporation

A corporation is a legal entity distinct from its owners that can hold property, make contracts, incur liabilities, and act in its own name.

Separate legal personality: A legal rule treating an organization as an entity distinct from the people who compose or own it. It lets a corporation own assets and bear obligations separately from its shareholders.
Incorporation: The legal process of creating a corporation by filing required documents with a government authority. Filing formation documents gives the corporation its legal existence.
Joint-stock company: A business organization whose capital is divided into shares held by multiple investors. It supplied a durable structure for pooling capital before modern corporate law matured.
Sole proprietorship: A business owned and operated by one person without a separate legal entity. Unlike a corporation, its owner and business are generally the same legal person.
Corporate personhood: The attribution of certain legal rights and responsibilities to corporations as entities. It raises questions about which protections and obligations corporations should receive.
Limited liability: A rule limiting an investor’s financial exposure to the amount invested, subject to exceptions. It generally shields shareholders from corporate debts beyond their investment.
Corporate governance: The systems through which an organization is directed, controlled, and held accountable. It describes how shareholders, directors, and officers divide corporate authority.
East India Company: An English joint-stock company founded in 1600 that held a royal monopoly on trade with Asia. Its chartered powers show how early corporations combined commerce with delegated authority.
Partnership: A business relationship in which two or more persons carry on an enterprise for profit. Partnerships can expose partners to personal liability, unlike ordinary corporate share ownership.
Corporate social responsibility: The approach of considering a company's social and environmental effects alongside its economic activity. Separate corporate decision-making has prompted debate about responsibilities beyond shareholders.

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