business corporation

business corporation
The ordinary corporation, a commercial corporation; a corporation organized to engage in some business for profit; as the term is used in the Bankruptcy Act, a corporation the sole motive of which is pecuniary gain and the chief purpose of which is to carry on trade or commerce in an established field and to do this primarily for the financial benefit of those who have joined in its organization and in the conduct of its affairs. Wisconsin Coop. Milk Pool (CA7 Wis) 119 F2d 999. When a corporation is doing the very things it was organized to do, and it is not a charitable, benevolent, or social corporation, it is a business corporation within the meaning of the state and Federal franchise tax statutes. Union Oil Associates v Johnson, 2 Cal 2d 727, 43 P2d 291, 98 ALR 1499.

Ballentine's law dictionary. . 1998.

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  • business corporation — company, incorporated company …   English contemporary dictionary

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