What does a corporation mean?

A corporation is an organization —usually a group of people or a company —authorized by the state to act as a single entity (a legal entity recognized by private and public law as "born out of statute"; a legal person in a legal context) and recognized as such in law for certain purposes.

What is a corporation in economics?

Attempts by economists to define corporations have been equally unsatisfactory. In 1917 Joseph S. Davis wrote: “A corporation [is] a group of individuals authorized by law to act as a unit.” 2 This definition is defective because it also fits partnerships and labor unions, which are not corporations.

What is a corporation & how does it work?

corporation, specific legal form of organization of persons and material resources, chartered by the state, for the purpose of conducting business. As contrasted with the other two major forms of business ownership, the sole proprietorship and the partnership, the corporation is distinguished by a