Question

coorporation short paragraph​

Answer 1

The word ‘corporation’ comes from the Latin word ‘corpus’ which means ‘body’. A corporation is thus a group of people working together as if they were in some sense a single entity – a single body.

Corporations are legal entities that are separate from the individual people involved in it. In fact, it may be said that a corporation is an individual in its own right.

Corporations are subject to certain rules. These rules include things such as each member of the corporation being jointly liable for the whole corporation’s finances.

Corporations can also vary in that whilst in some corporations all members have equal standing, in others some members have more power and responsibility than others.

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