corporation

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corporation

a business entity such as a company incorporated under legislation, usually a Companies Act, which can make the shareholders legally responsible only for the profits and debts of the company. That is the shareholders are not personally responsible. It has been held for generations that members of professions could not practice as corporations because they would lose their personal responsibility to their clients. It is becoming more common for this rule to be discarded.
References in periodicals archive ?
Notably, these guidelines require prosecutors to take into account "the very special nature of the corporate person," as well as to ensure that the general purposes of the criminal law are fulfilled.
Ripken, Corporate First Amendment Rights, supra note 35, at 221 (explaining that under aggregate theory, "the corporate person has no existence or identity that is separate and apart from the natural persons in the corporation.
In sum, the reasons why we protect the religious liberty of individual persons do not apply to corporate persons.
A]s a matter of fact, the term 'fiction,' as applied to a corporate person, was meant to carry over the notion of a legal fiction, which in Roman law as in English was the deliberate assumption of the thing which was not, a definite and quite unconcealed make-believe.
Kent Greenfield, Let Us Now Praise Corporate Persons, Wash.
Khanna might concede that it would be wrong to convict a human of a crime without having shown his guilt, but that a corporate person is different.
For reasons of practicality, such models should not require the redrafting of all criminal statutes that apply to corporate persons.
By tradition, American law attends to persons, including corporate persons, in ways that have no analog for populations.
Moral responsibility is always attributed to persons, but corporate persons just as surely as individual human beings can and ought to be held morally responsible for their actions.
Suramericana comprises different companies providing insurance, social security and financial service solutions to natural and corporate persons in Latin America.

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