Corporation Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Corporation, written in plain English, along with examples of how it is used.

What is Corporation?

It is a fictitious entity different from the owners or its shareholders , having its own rights and priviledges and which is been running under the authgority of certain business laws. It is usually owned or created for purpose of creating business, by some people with common interest and law have same implication as on any other person.A corporation has rights to claim debts, do purchase and selling and it generates profits for the members or its shareholders. It also protects the shareholders by limiting the liability of the corporation to its assets only.