A corporation is a succession of persons or body of persons authorized by law to act as one person and having rights and liabilities distinct from the individuals forming the corporation. The artificial personality may be created by royal charter, statute, or common law. The most important type is the registered company formed under the Companies Act. Corporations sole are those having only one individual forming them; for example, a bishop, the sovereign, the Treasury Solicitor.
Corporations aggregate are composed of more than one individual, e.g. a limited company. They may be formed for special purposes by statute; the BBC is an example.
Corporations can hold property, carry on business, bring legal actions, etc., in their own name. Their actions may, however, be limited by the doctrine of ultra vires. Research Corporation
Abbreviations
Money
Research Corporation