{"id":9561,"date":"2017-11-26T02:28:18","date_gmt":"2017-11-26T02:28:18","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=9561"},"modified":"2023-03-04T22:03:35","modified_gmt":"2023-03-04T22:03:35","slug":"corporation","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=9561","title":{"rendered":"corporation – an artificial, intangible entity acting as a single person distinct from the shareholders who own it; operated by an association of persons in accordance with the corporation’s constitution and bylaws, to contract, issue stock, and form lawsuits and legal defense in favor of the person"},"content":{"rendered":"

\u00a0 \u00a0 This page is continued from Civil Law Self-Help<\/a> >>>> 1.) Assess Your Case<\/a> >>>> Who is Liable for the Injury?<\/a> >>>>\u00a0Artificial Persons<\/a>:
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corporation<\/span>:<\/strong><\/span>
\nn. (15c)<\/span><\/p>\n

1. An entity (usu. a business) having authority under law to act as a single person distinct from the shareholders who own it and having rights to issue stock and exist indefinitely; a group or succession of persons established in accordance with legal rules into a legal or juristic person that has a legal personality distinct from the natural persons who make it up, exists indefinitely apart from them, and has the legal powers that its constitution gives\u00a0<\/strong>it.<\/strong> \u2014 aka corporation aggregate<\/strong><\/em><\/span>; aggregate corporation<\/strong><\/em><\/span>; body corporate<\/strong><\/em><\/span>; corporate bo<\/strong><\/em><\/span><\/span><\/span>dy<\/strong><\/em><\/span>.\u00a0 See COMPANY. \u2014incorporate, vb<\/em>. \u2014 corporate, adj<\/em>. [1]<\/span><\/p>\n

1. An artificial being, invisible, intangible, and existing only in contemplation of law; an association of persons to whom the sovereign has offered a franchise to become an artificial juridical person, with a name of its own, under which they can act and contract and sue and be sued, and who have either accepted the offer and effected a corporation in substantial conformity with its terms (in which case a corporation de jure has been constituted) or have done\u00a0acts indicating a purpose to accept such offer and effected an organization designed to be, but, in fact not, in substantial conformity with its terms (in which case a corporation de jure de facto has been constituted).\u00a0 18 Am 12d Corp \u00a7 1<\/span>.<\/span><\/span><\/strong><\/p>\n

For some purposes, as in a venue statute, the term \u201ccorporation\u201d includes unincorporated associations or at least special forms of them, such as joint stock companies. 56 Am J1st Ven \u00a7 7<\/span>. <\/span><\/span><\/strong><\/p>\n

For the purposes of the Federal income tax, the term \u201ccorporation\u201d includes associations, joint-stock companies, and insurance companies.\u00a0 33 Am 12d Fed Tax\u00a0\u00b6 2005<\/span>. <\/span><\/span><\/strong><\/p>\n

As defined by the Bankruptcy Act the term \u201ccorporation\u201d includes all bodies having any of the powers and privileges of private corporations not possessed by individuals or partnership and further includes partnership associations organized under laws making the capital subscribed alone responsible for the debts of the association, joint stock companies, unincorporated companies and associations, and any business conducted by a trustee or trustees wherein beneficial interest or ownership is evidenced by certificate or other written instrument.\u00a0 Bankr Act \u00a7 1(8); 11 USC \u00a7 1(8)<\/span>. <\/span><\/span><\/strong><\/p>\n

Business trusts have frequently been held to be subject to statutory regulations of corporations and to\u00a0<\/span>provisions aimed primarily at corporations.\u00a0 Hemphill<\/em>\u00a0v Orloff<\/em>, 277 US 537, 72 L Ed 978, 48 S Ct 77<\/span>.<\/span><\/strong><\/p>\n

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\u00a0 \u00a0 \u00a0See incorporation<\/em>; municipal corporation<\/em>; person<\/em><\/strong><\/a>; public corporation<\/em>. [2]<\/span><\/p>\n

1. An artificial person<\/a>, existing only in the eyes of the law, to whom a state or the federal government has granted a charter to become a legal entity, separate from its shareholders, with a name of its own, under which its shareholders can act and contract and sue and be sued. A corporation\u2019s shareholders, officers, and directors are not normally liable for the acts of the corporation. See corporate liability; limited liability acts.<\/span><\/strong><\/p>\n

\u00a0 \u00a0 \u00a0See also benevolent corporation<\/em>; business corporation<\/em>; charitable corporation<\/em>; close corporation<\/em>; collapsible corporation<\/em>; de facto corporation<\/em>; de jure corporation<\/em>; domestic corporation<\/em>; eleemosynary corporation<\/em>; family corporation<\/em>; foreign corporation<\/em>; municipal corporation<\/em>; nonprofit corporation<\/em>; nonstock corporation<\/em>; private corporation<\/em>; public corporation<\/em>; quasi corporation<\/em>. [3]<\/span><\/p>\n<\/div>\n

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\u00a0 \u00a0 Excerpt from\u00a0Trustees of Dartmouth College v. Woodward<\/em><\/a>, (1819):<\/strong><\/span><\/p>\n

\u00a0 \u00a0 \u00a0\u201cA corporation is an artificial being, invisible, intangible, and existing only in contemplation of law. . . . [I]t possesses only those properties which the charter of its creation confers upon it.<\/span>\u201d<\/strong> [4]<\/span><\/p>\n

Various Types of Corporations:<\/span><\/strong><\/span><\/p>\n

nonstock corporation<\/span><\/a> – a “membership corporation” not organized for profit, which does not issue shares of stock as evidence of ownership, but instead is owned by its members, who have no ownership or proprietary interest in the corporation, which operates in accordance with a charter or agreement.<\/span><\/strong><\/p>\n