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corporation |
Also found in: Legal, Financial, Encyclopedia, Wikipedia, Hutchinson | 0.02 sec. |
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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. |
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| Like other incorporated businesses of the time, the Massachusetts Bay Company was controlled by what was called a general court, comprising its stockholders, called freemen, who elected officers, called assistants, and a CEO, called a governor. Private companies represent over 99% of the nation's incorporated businesses. financial reports, CPAs and other financial professionals working in or serving private companies, which represent more than 99% of the nation's incorporated businesses. |
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Incorporated businesses
