Corporation

{
  "id": "MLC-T-LAW-001324",
  "term": "Corporation",
  "field": "Law",
  "definitions": [
    "A legal entity separate and distinct from its owners, created under state law. It possesses many of the same rights and responsibilities as a natural person, including the ability to enter into contracts, own property, and sue or be sued. Corporations offer limited liability to their shareholders, meaning personal assets are generally protected from business debts and liabilities.",
    "Legal entities distinct from their owners, created under state law, with the capacity to act as a single person. They possess rights and liabilities separate from their shareholders, offering limited liability to investors. Corporations are governed by a board of directors and can be publicly or privately held."
  ],
  "url": "https://mlchart.com/terminology/law/corporation/"
}