Corporation

McDonald's Corporation is one of the most recognizable corporations in the world.
1/8 share of the Stora Kopparberg mine, dated June 16, 1288.
Replica of an East Indiaman of the Dutch East India Company (VOC)
A bond issued by the Dutch East India Company (VOC), dating from 1623, for the amount of 2,400 florins
Chart of the South Sea Company's stock prices. The rapid inflation of the stock value in the 1710s led to the Bubble Act 1720, which restricted the establishment of companies without a royal charter.
"Jack and the Giant Joint-Stock", a cartoon in Town Talk (1858) satirizing the 'monster' joint-stock economy that came into being after the Joint Stock Companies Act 1844.
Lindley LJ was the leading expert on partnerships and company law in the Salomon v. Salomon & Co. case. The landmark case confirmed the distinct corporate identity of the company.

Organization—usually a group of people or a company—authorized by the state to act as a single entity and recognized as such in law for certain purposes.

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Company

A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duty according to the publicly declared incorporation, or published policy.

A modern corporate office building in Münster, North Rhine-Westphalia, Germany.
An office building of Nokia Corporation in Hervanta, Tampere, Finland.

Others may be foreign companies or export-based corporations.

Limited liability company

US-specific form of a private limited company.

It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Sole proprietorship

Type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity.

Hogarthian image of the South Sea Bubble, by Edward Matthew Ward, Tate Gallery

If an individual elects to incorporate as a Limited liability company but elects to be taxed as a Corporation, the IRS no longer recognizes the individual as a sole proprietorship.

Corporation sole

Legal entity consisting of a single incorporated office, occupied by a single ("sole") natural person.

Iustitia ("Lady Justice") is a symbolic personification of the coercive power of a tribunal: a sword representing state authority, scales representing an objective standard and a blindfold indicating that justice should be impartial.

A corporation sole is one of two types of corporation, the other being a corporation aggregate.

Limited liability

Legal status where a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a corporation, company or partnership.

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In the UK there was initially a widespread belief that a corporation needed to demonstrate its creditworthiness by having its shares only partly paid, as where shares are partly paid, the investor would be liable for the remainder of the nominal value in case the company could not pay its debts.

Legal person

Any person or 'thing' that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on.

Iustitia ("Lady Justice") is a symbolic personification of the coercive power of a tribunal: a sword representing state authority, scales representing an objective standard and a blindfold indicating that justice should be impartial.

The reason for the term "legal person" is that some legal persons are not people: companies and corporations are "persons" legally speaking (they can legally do most of the things an ordinary person can do), but they are not people in a literal sense.

Share capital

McDonald's Corporation is one of the most recognizable corporations in the world.

A corporation's share capital, commonly referred to as capital stock in the United States, is the portion of a corporation's equity that has been derived by the issue of shares in the corporation to a shareholder, usually for cash.

Partnership

Relation between persons who have agreed to share the profits of a business carried on by all any of them acting for all."

Iustitia ("Lady Justice") is a symbolic personification of the coercive power of a tribunal: a sword representing state authority, scales representing an objective standard and a blindfold indicating that justice should be impartial.

Among developed countries, for example, business partnerships are often favored over corporations in taxation policy, since dividend taxes only occur on profit before they are distributed to the partners.

Livery company

There are 110 livery companies, comprising London's ancient and modern trade associations and guilds, almost all of which are styled the 'Worshipful Company of...' their respective craft, trade or profession.

Fishmongers' Hall, City of London, headquarters of the Worshipful Company of Fishmongers, founded in 1272, 4th in precedence amongst the livery companies of the City
Coat of arms of the Worshipful Company of Grocers, founded in 1345, 2nd in precedence amongst the livery companies of the city: Argent, a chevron gules between nine cloves six in chief and three in base proper
War Memorial to London's liverymen lost in WW1 (on Stationers Hall, west of Paternoster Square)
Grocers' Hall, in Princes Street, is home to the Worshipful Company of Grocers.
The Worshipful Company of Fishmongers, whose Hall is pictured, has ranked fourth in the precedence of City livery companies since 1515.
The Gunmakers' Company, 73rd in City precedence, has been based at Proof House, E1 for over 300 years.
Worshipful Company of Innholders: Hinc Spes Affulget (Hence Hope Shines Forth)
Worshipful Company of Dyers: Da Gloriam Deo (Give Glory to God)
Worshipful Company of Skinners: To God Only Be All Glory
Worshipful Company of Cutlers: Pour Parvenir A Bonne Foy (To Succeed Through Good Faith)

Livery companies evolved from London's medieval guilds, becoming corporations under Royal Charter responsible for training in their respective trades, as well as for the regulation of aspects such as wage control, labour conditions and industry standards.

Corporate law

Body of law governing the rights, relations, and conduct of persons, companies, organizations and businesses.

Hogarthian image of the South Sea Bubble, by Edward Matthew Ward, Tate Gallery
"Jack and the Giant Joint-Stock", a cartoon in Town Talk (1858) satirizing the 'monster' joint-stock economy that came into being after the Joint Stock Companies Act 1844.
A bond issued by the Dutch East India Company, dating from 7 November 1623, for the amount of 2,400 florins
Adolf Berle in The Modern Corporation and Private Property argued that the separation of control of companies from the investors who were meant to own them endangered the American economy and led to a mal-distribution of wealth.

The term refers to the legal practice of law relating to corporations, or to the theory of corporations.