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A company is any form of business organization that engages in a business or commercial activity for profit. Commonly, companies are incorporated as separate legal entities from their owners, and they have rights, liabilities, and legal capacities distinct from those of their owners or members.

The most common forms of business organizations are:

  • Corporations
  • Limited liability companies
  • Partnerships
  • Sole proprietorship

[Last updated in December of 2021 by the Wex Definitions Team]