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 ?
Upon conversion, shares of the Fund will be reclassified as Class O shares and each shareholder of the Fund will continue to own shares with the same aggregate net asset value as the shares the shareholder owned immediately prior to the conversion.
As an example, apart from market action, if a shareholder owned 100 shares on November 17th and if the closing share price was $12.