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 ?
The findings of this study show that while owners of incorporated businesses were the least likely to have credit card debt when compared to unincorporated businesses owners or people without businesses, and unincorporated business owners were the most likely to have credit card debt.
Privately held, for-profit entities represent more than 99% of the nation's incorporated businesses.
Like incorporated businesses they should get a pounds 10,000 tax free allowance.
Among the commercial centres, those owned by individuals fared better than incorporated businesses, partnerships and other for-profit providers, who had the lowest ratings.
Newly incorporated businesses may be particularly at risk, because they may be unaware of the new requirements.

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