| A corporation is a legal entity
created through the laws of its state of incorporation. Individual
states have the power to promulgate laws relating to the creation,
organization and dissolution of corporations. Many states follow the
Model Business Corporation Act. A corporation is a legal body, or
body politic; that constitutes into a corporation recognized by law,
with special functions, rights, duties and liabilities; as, to
incorporate a bank, a railroad company, a city or town, etc. |