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The alleged oldest commercial corporation in the world, the Stora Kopparberg mining community in Falun, Sweden, obtained a charter from King Magnus Eriksson in 1347. In medieval times, traders would do business through common law constructs, such as partnerships.
Corporations were formed to raise the capital necessary to build huge factories and equip them with state-of- the-art machinery. Professional managers operated departments, each of which employed hundreds if not thousands of workers, dedicated to purchasing, manufacturing, repair, shipping, sales, and accounting.
One of the best-known and most widely used business entity forms is the corporation. One of the main advantages of forming a business as a corporation is the liability protection it provides its shareholders. Liability is limited because the corporation is a legal entity separate from its shareholder owners. How to start a corporation | Wolters Kluwer wolterskluwer.com expert-insights startin wolterskluwer.com expert-insights startin
Examples of businesses that are C corporations include: 3M Co. Amazon, Inc. Apple, Inc. General Motors Company. McDonalds Corp. Microsoft Corporation.
A corporation is an organizationusually a group of people or a companyauthorized by the state to act as a single entity (a legal entity recognized by private and public law as born out of statute; a legal person in a legal context) and recognized as such in law for certain purposes.
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A distinguishing characteristic of a corporation is limited liability. Its shareholders profit through dividends and stock appreciation but they are not personally liable for the companys debts. Almost all large businesses are corporations, including Microsoft Corporation and the Coca-Cola Company.
A corporation is a legal entity that is separate and distinct from its owners. Under the law, corporations possess many of the same rights and responsibilities as individuals. They can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes.