Corporation

Definition

Corporation refers to a legal entity that is separate and distinct from its owners, formed by a group of individuals to conduct business or other activities. A corporation can own assets, incur liabilities, and is typically governed by a board of directors.

Parts of Speech

• Noun

Pronunciation

American English

• IPA Pronunciation: /ˌkɔːrpəˈreɪʃən/
• Respelling: kor-puh-RAY-shuhn

British English

• IPA Pronunciation: /ˌkɔːpəˈreɪʃən/
• Respelling: kaw-puh-RAY-shuhn

The pronunciation of "corporation" is largely similar in both American and British English, with slight differences in vowel sounds.

Etymology

The word "corporation" comes from the Latin word "corporatio," meaning "a body of people." The term is derived from "corpus," which means "body." It entered the English language in the late 15th century, initially referring to guilds or organized groups of people working together, before evolving to describe large, legally-recognized business entities.

Derivatives

• Corporate (adjective)
• Incorporate (verb)
• Corporative (adjective)
• Corporately (adverb)
• Incorporation (noun)

Synonyms

• Company
• Firm
• Enterprise

Antonyms

• None

Usage

The term "corporation" is widely used in legal, business, and economic contexts to describe a company or group of people authorized to act as a single entity. Corporations are distinct from their owners and shareholders, providing limited liability, meaning the personal assets of shareholders are protected from corporate debts. Corporations are common in large-scale industries such as technology, finance, and manufacturing. They can own property, sue or be sued, and issue shares to raise capital. Corporate governance is usually managed by a board of directors that acts on behalf of the shareholders.

Related Terms

• LLC (Limited Liability Company): A business structure that protects its owners from personal liability for the company's debts or liabilities.
• Partnership: A business structure where two or more individuals share ownership and responsibility for the company's operations and liabilities.
• Shareholder: An individual or organization that owns shares in a corporation and has rights to a portion of the profits.

Detailed Definitions

Noun

• A legal entity formed to conduct business: Refers to a company or group of people authorized by law to act as a single entity, separate from its owners.
  • Example: "The multinational corporation has offices in over 50 countries."
• An organized group of people acting as one entity: In older contexts, it can refer to a guild, association, or other organized group.
  • Example: "The historical corporation of merchants was key to the city's economy."