corporation

/ˈkɔrpəˌreɪʃən/

/kɔpəˈreɪʃɛn/

Other forms: corporations

Most of us think of corporations as companies — Amazon is one, Kellogg another, Disney a third. In reality, a corporation has a very particular legal meaning: it's a company that registers with a state government such that it has the same rights and responsibilities as a person.

Know the word corpse? It means a dead body, and comes from the Latin corpus, "body." One way to remember corporation is that it turns a company into a body — a body that is considered a person in many respects in the eyes of the law. Corporations must pay taxes and follow laws. Because it is a separate entity, when a corporation fails, its employees and managers are not responsible for its debts.

Definitions of corporation

1. noun

   a business firm whose articles of incorporation have been approved in some state
   synonyms: corp

   types:

   conglomerate, empire

   a group of diverse companies under common ownership and run as a single organization

   large cap

   a corporation with a large capitalization

   small cap

   a corporation with a small capitalization

   close corporation, closed corporation, private corporation, privately held corporation

   a corporation owned by a few people; shares have no public market

   closely held corporation

   stock is publicly traded but most is held by a few shareholders who have no plans to sell

   shell corporation, shell entity

   a company that is incorporated but has no assets or operations

   FDIC, Federal Deposit Insurance Corporation

   a federally sponsored corporation that insures accounts in national banks and other qualified institutions

   FHLMC, Federal Home Loan Mortgage Corporation, Freddie Mac

   a corporation authorized by Congress to provide a secondary market for residential mortgages

   FNMA, Fannie Mae, Federal National Mortgage Association

   a federally chartered corporation that purchases mortgages

   Boy Scouts of America

   a corporation that operates through a national council that charters local councils all over the United States; the purpose is character building and citizenship training

   publishing conglomerate, publishing empire

   a conglomerate of publishing companies

   family business

   a corporation that is entirely owned by the members of a single family

   type of:

   business firm, firm, house

   the members of a business organization that owns or operates one or more establishments
2. noun

   slang for a paunch
   synonyms: bay window, pot, potbelly, tummy

   type of:

   belly, paunch

   a protruding abdomen