This is not a substitute for legal advice.  An attorney must be consulted.

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What is a Corporation?

A corporation, according to Black’s Law Dictionary, is an artificial person or legal entity created by or under the authority of the laws of a state.  It is an association of persons created by statute as a legal entity.  The law treats the corporation itself as a person who can sue and be sued.  The corporation is distinct from the individuals (shareholders) who comprise it.  The corporation survives the death of its investors, as the shares can usually be transferred.  The corporate entity subsists as a  politic body under a special dominion, which is regarded in law as having a personality and existence distinct from that of its several members.  By the same authority, it is vested with the capacity of continuous succession, irrespective of changes in its membership, either in perpetuity or for a limited term of years.  It acts as a unit or single individual in matters relating to the common purpose of the association, within the scope of the powers and authorities conferred upon the corporation by law. 


Copyright © 1994 - 2014 by LAWCHEK, LTD.

This is not a substitute for legal advice. An attorney must be consulted.