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 ?
Even though the Bank of the United States conducted private business as well as public, Marshall held that this did not negate its status as a corporate person created for a public purpose.
In all cases, no person shall, neither personally nor as a representative of corporate person, be a delegated member of the management in more than one company having its principal place of business in the state; or be a member of the board of directors in two companies of similar activity.
In this decision, the court could potentially decide whether corporations--or corporate persons, as the case may be--have the same "free exercise" rights that human persons do, and whether they have the right to ignore the law when the law violates the religious beliefs of that corporate person.
66) United Arab Emirates: Crimes & Punishment-Article 7: A corporate person shall be penalized with a fine in an amount of not less than One Hundred Thousand Dirham, not exceeding One Million Dirham, should its representatives, managers or agents commit on its behalf or in its name any of the crimes of human trafficking, without prejudice to the liability of the natural person.
The most common type of company in Bahrain is a WLL (With Limited Liability), though it's also possible to have a Single Person Company (SPC) with one natural or corporate person as the owner.
The Estonian interior minister had sent for a round of approvals a draft decree that does not allow issuing a residence permit based only on the membership of a management body of a corporate person or sufficient income, at least in the first half of 2012.
This corporate person can own things, buy and sell things, enter contracts, sue and be sued, and do many things that a physical person can do.
While I am not suggesting that one should not go to university before starting their own businessespecially as the whole experience provides an opportunity for social growth, developing a network with other open-minded creative thinkers, all the while learning a number of transferable skills, I do believe that more people need to consider following their dreams and starting businesses when they graduate (or even later in life), not just take the pre-ordained career path of an over-glorified title-inflated corporate person.
And I'd rather keep a hand in what goes on than have some corporate person communicating on our behalf.
It had been years since any corporate person with sway over their journalistic efforts had expressed a commitment to more than short-term financial results.
The corporate person has none of these distractions from profit-making.
Alternatively, we could also shift the locus of responsibility from the corporate person to the human shareholders, as Harry Glasbeek suggests.

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