Tuesday, April 14, 2009

Corporation

Corporation, organization created by a government charter that allows people to associate together for a common purpose under a common name. The charter gives the corporation certain privileges, including the right to buy and sell property, enter into contracts, sue and be sued, and borrow and lend money. In the United States, state governments charter most corporations.

Although corporations account for only about 20 percent of all businesses in the United States, they generate about 90 percent of all business income. Most other businesses are either sole proprietorships, owned by one person, or partnerships, owned by a small group of people. Unlike the owners of corporations, the owners of proprietorships and partnerships are usually involved in the daily operations of the business.
Posted by edz at 8:59 AM

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