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*a corporation is a ‘company’ or ‘group of people’ authorized to act as a single entity (legally a ‘person’) and recognized as such in ‘law’*
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(early ‘incorporated entities’ were established by ‘charter’ (i.e. by an ad hoc act granted by a ‘monarch’ or passed by a ‘parliament’ or ‘legislature’))
(most ‘jurisdictions’ now allow the ‘creation’ of ‘new corporations’ through ‘registration’)
(‘corporations’ come in many different ‘types’ but are usually divided by the ‘law’ of the ‘jurisdiction’ where they are chartered into 2 kinds: by whether or not they can issue ‘stock’, or by whether or not they are ‘for profit’)
(where ‘local law’ distinguishes ‘corporations’ by ‘ability to issue stock’, ‘corporations’ allowed to do so are referred to as “stock corporations”, ‘ownership’ of the ‘corporation’ is through ‘stock’, and ‘owners’ of ‘stock’ are referred to as “stockholders” or “shareholders”)
(‘corporations’ not allowed to issue stock are referred to as ‘”non-stock” corporations’; those who are considered the ‘owners’ of the ‘corporation’ are those who have obtained ‘membership’ in the ‘corporation’, and are referred to as a “member” of the ‘corporation’)
(‘corporations’ chartered in ‘regions’ where they are distinguished by whether they are allowed to be ‘for profit’ or not are referred to as “for profit” and ‘”not-for-profit” corporation’s, respectively)
(there is some ‘overlap’ between (‘stock’ / ‘non-stock’) and (‘for profit’ / ‘not-for-profit’) in that ‘not-for-profit corporations’ are always ‘non-stock’ as well)
(a ‘for-profit corporation’ is almost always a ‘stock corporation’, but some ‘for profit corporations’ may choose to be ‘non-stock’)
(to simplify the explanation, whenever “stockholder” or “shareholder” is used in the rest of this article to refer to a ‘stock corporation’, it is presumed to mean the same as “member” for a ‘non-profit corporation’ or (‘for profit’ / ‘non-stock’) corporation)
(‘registered corporations’ have ‘legal personality’ and are ‘owned’ by ‘shareholders’ whose ‘liability’ is ‘limited’ to their ‘investment’)
(‘shareholders’ do not typically actively manage a ‘corporation’; ‘shareholders’ instead ‘elect’ or ‘appoint’ a ‘board of directors’ to ‘control’ the ‘corporation’ in a ‘fiduciary capacity’)
(in ‘american english’, the word corporation is most often used to describe large business corporations)
(in ‘british english’ and in the ‘commonwealth’ countries, the term company is more widely used to describe the same sort of ‘entity’ while the word corporation encompasses all ‘incorporated entities’)
(in ‘american english’, the word company can include ‘entities’ such as ‘partnerships’ that would not be referred to as ‘companies’ in ‘british english’ as they are not a ‘separate legal entity’)
(despite not being ‘individual human beings’, ‘corporations’, as far as the ‘law’ is concerned, are ‘legal persons’, and have many of the same ‘rights’ and ‘responsibilities’ as ‘natural persons’ do)
(‘corporations’ can exercise ‘human rights’ against real ‘individuals’ and the ‘state’, and they can themselves be responsible for ‘human rights violations’)
(‘corporations’ can be “dissolved” either by ‘statutory operation’, ‘order of court’, or ‘voluntary action’ on the part of ‘shareholders’)
(‘insolvency’ may result in a form of ‘corporate failure’, when ‘creditors’ force the ‘liquidation’ and ‘dissolution’ of the ‘corporation’ under ‘court order’, but it most often results in a ‘restructuring’ of ‘corporate holdings’)
(‘corporations’ can even be convicted of ‘criminal offenses’, such as ‘fraud’ and ‘manslaughter’)
(however, ‘corporations’ are not considered ‘living entities’ in the way that ‘humans’ are)
(late in the ’19th century’, a new form of ‘company’ having the ‘limited liability protections’ of a ‘corporation’, and the more favorable ‘tax treatment’ of either a ‘sole proprietorship’ or ‘partnership’ was developed)
(while not a ‘corporation’, this new type of ‘entity’ became very attractive as an alternative for ‘corporations’ not needing to issue ‘stock’)
(in ‘germany’, the organization was referred to as gesellschaft mit beschränkter haftung (or ‘GmbH’))
(in the last quarter of the ’20th century’ this new form of ‘non-corporate organization’ became available in the ‘united states’ and other ‘countries’, and was known as the limited liability company or “LLC”)
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(the ‘GmbH’ + ‘LLC’ forms of organization are technically not ‘corporations’ (even though they have many of the ‘features’ of one))
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*👨🔬🕵️♀️🙇♀️*SKETCHES*🙇♂️👩🔬🕵️♂️*
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💕💝💖💓🖤💙🖤💙🖤💙🖤❤️💚💛🧡❣️💞💔💘❣️🧡💛💚❤️🖤💜🖤💙🖤💙🖤💗💖💝💘
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*🌈✨ *TABLE OF CONTENTS* ✨🌷*
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🔥🔥🔥🔥🔥🔥🔥*we won the war* 🔥🔥🔥🔥🔥🔥🔥