Corporation

A corporation is a legal entity (technically, a juristic person) which has a legal personality distinct from those of its members. The defining legal rights and obligations of a corporation consist of the capacities (i) to sue and to be sued, (ii) to have assets, (iii) to employ agents, (iv) to engage in contracts, and (v) to make by-laws governing its internal affairs. Other legal rights and obligations may be assigned to the corporation by governments or courts. These are often controversial. Stewart Kyd, the author of the first treatise on corporate law in English, defined a corporation as "a collection of many individuals united into one body, under a special denomination, having perpetual succession under an artificial form, and vested, by policy of the law, with the capacity of acting, in several respects, as an individual, particularly of taking and granting property, of contracting obligations, and of suing and being sued, of enjoying privileges and immunities in common,... full article at wikipedia