A business corporation is a for-profit firm that is incorporated or registered under the corporate or company law of a state. The four defining characteristics of the modern corporation are:
 Separate legal personality of the corporation (access to tort and contract law in a manner similar to a person) Limited liability of the shareholders (a shareholder’s personal liability is limited to the value of their shares in the corporation) Shares (if the corporation is a public company, the shares are traded on a stock exchange) Delegated management; the board of directors delegates day-to-day management of the company to executives In many developed countries outside of the English speaking world, company boards are appointed as representatives of both shareholders and employees to “codetermine” company strategy.
 Corporate law is often divided into corporate governance (which concerns the various power relations within a corporation) and corporate finance (which concerns the rules on how capital is used)
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