Corporation

Definition

An entity created in accordance with legal rules that acts as a single (fictional) person.  A corporation may sue and be sued, lend, borrow, issue stock, exist indefinitely, and act in many other ways distinct from the shareholders who own it and the managers who run it.  Each U.S. state can create rules by which new corporations are formed (i.e., rules of incorporation).  

See Artificial person and Natural person.