Spell check of corporation
Spellweb is your one-stop resource for definitions, synonyms and correct spelling for English words, such as corporation. On this page you can see how to spell corporation. Also, for some words, you can find their definitions, list of synonyms, as well as list of common misspellings.
Correct spelling: corporation
- A legal structure authorized by state law that allows a business to organize as a separate legal entity from its owners. A nonprofit is often referred to as an " artificial legal person," meaning that, like an individual, it can enter into contracts, sue and be sued and do the many other things necessary to carry on a business. One advantage of incorporating is that a corporation's owners ( shareholders) are legally shielded from personal liability for the corporation's liabilities and debts ( unpaid taxes are often an exception). In theory, a corporation can be organized either for profit- making or nonprofit purposes. Most profit- making corporations are known as C corporations and are taxed separately from their owners, but those organized under subchapter S of the Internal Revenue Code are pass- through tax entities, meaning that all profits are federally taxed on the personal income tax returns of their owners.
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