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  1. #1
    milan2003_07's Avatar
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    Default defibition of "corporation"

    Dear frinds!!!


    My question is probably too complicated, but please try to help me because I need to use thje extract given below in my juristic essay (I'm not a lawyer myself)



    "Corporation is a collection of many individuals united into one body, under a special denomination, having perpetual succession under an artificial form, and vested, by policy of the law, with the capacity of acting, in several respects, as an individual, particularly of taking andgranting property, of contracting obligations, and of suing and being sued, of enjoying privileges and immunities in common, and of exercising a variety of political rights, more or less extensive, according to the design of its institution, or the powers conferred upon it, either at the time of its creation, or at any subsequent period of its existence"


    1) What is "denomination"? Is it the same as "name"?
    2) What does "under an artificial form" mean?
    3) Does "in common" mean "together"?
    4) Does "excercising" mean "carrying out"?
    5) What is "more or less extensive"?

    All I've asked you about has been highlighted in bold to make it easier to find these expressions.

    Thanks

  2. #2
    SoothingDave is offline VIP Member
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    Default Re: defibition of "corporation"

    1. Yes, name. But a unique name, not shared with any other.
    2. It is not a natural person. It is an artificial creation of the state.
    3. Yes. The corporation (meaning its interested parties all together) holds certain privleges.
    4. Yes, more or less. Exercise is the verb usually used with political rights.
    5. It means the rights are either greater or less than those which real, natural individuals have. Depending on what type of corporation it is and how the state has set up the rules for that type of corporation.

    Think of a corporation as a legal "person" that can exist in various ways in the world the same way a real person does. I can buy property. A corporation can buy property. I can enter contracts and be sued. A corporation can as well.

  3. #3
    milan2003_07's Avatar
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    Default Re: defibition of "corporation"

    Quote Originally Posted by SoothingDave View Post
    1. Yes, name. But a unique name, not shared with any other.
    2. It is not a natural person. It is an artificial creation of the state.
    3. Yes. The corporation (meaning its interested parties all together) holds certain privleges.
    4. Yes, more or less. Exercise is the verb usually used with political rights.
    5. It means the rights are either greater or less than those which real, natural individuals have. Depending on what type of corporation it is and how the state has set up the rules for that type of corporation.

    Think of a corporation as a legal "person" that can exist in various ways in the world the same way a real person does. I can buy property. A corporation can buy property. I can enter contracts and be sued. A corporation can as well.
    May I ask you some more questions about this long and complicated definition. What are "institution" and "design" in "a variety of political rights, more or less extensive, according to the design of its institution "? Does "design" mean "pattern, model"? What about "institution"? Is it synonymous with "creation"?

    Sorry, but I still can't understand the meaning of "more or less extensive". You say that the comparison is made between a corporation and a natural person, but nothing is said in the sentence about the latter.

    By the way corporations are usually described as "legal entities". Is there any difference between "legal entity" and "juristic person"?

    Thanks

  4. #4
    SoothingDave is offline VIP Member
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    Default Re: defibition of "corporation"

    The institution is the corporation being created.

    The design is how the state legislature created the form of the corporation. There are different types of corporations. The state legislature writes the laws that govern how they are created, dissolved, and how they function in between.

    For instance, in the US a non-profit corporation (like a hospital, for example) does not pay income taxes. But it must perform some sort of charitable work as its mission. It can not support political candidates.

    On the other hand, a corporation like GE, for example, exists to make a profit. It has obligations to pay taxes that a non-profit does not. But it can lobby government in political ways that a non-profit can not.

    These different rights and responsibilities are different from what a real person has. They are part of how the type of corporation is designed. So, as it says, they have rights and immunities that differ according to how they were designed by the government.

    The gov't does not specify how each unique corporation is designed, but they do define different types, as I have given an example. There are many different types of corporations.

    Look for the word "individual" in your original sentence to see how the comparison is made between corporations and "natural" individuals.

    I don't know what a "juristic person" is but it sounds to me like a "legal entity."

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