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corporation |
Also found in: Dictionary/thesaurus, Legal, Financial, Encyclopedia, Wikipedia, Hutchinson | 0.01 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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| has resolved to begin preparations for a shift to a pure holding company system with a target date of April 1, 2007 at the meeting of the Board of Directors held on July 26. The tax law is not clear as to whether the acquisition of the assets of a holding company by its less-than-80%-owned subsidiary satisfies the continuity-of-business-enterprise (COBE) requirement, a necessary element to qualify the acquisition as a tax-free reorganization. 10) Subpart J governs the conduct of merchant banking investment activities by financial holding companies as permitted under section 4(k)(4)(H) of the Bank Holding Company Act (12 U. |
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holding company
