corporation

An artificial being, invisible, intangible, and existing only in contemplation of law; an association of persons to whom the sovereign has offered a franchise to become an artificial juridical person, with a name of its own, under which they can act and contract and sue and be sued, and who have either accepted the offer and effected a corporation in substantial conformity with its terms (in which case a corporation de jure has been constituted) or have done acts indicating a purpose to accept such offer and effected an organization designed to be, but, in fact not, in substantial conformity with its terms (in which case a corporation de jure de facto has been constituted). 18 Am J2d Corp § 1. For some purposes, as in a venue statute, the term "corporation" includes unincorporated associations or at least special forms of them, such as joint stock companies. 56 Am J1st Ven § 7. For the purposes of the Federal income tax, the term "corporation" includes associations, joint-stock companies, and insurance companies. 33 Am J2d Fed Tax ¶ 2005. As defined by the Bankruptcy Act the term "corporation" includes all bodies having any of the powers and privileges of private corporations not possessed by individuals or partnership and further includes partnership associations organized under laws making the capital subscribed alone responsible for the debts of the association, joint stock companies, unincorporated companies and associations, and any business conducted by a trustee or trustees wherein beneficial interest or ownership is evidenced by certificate or other written instrument. Bankr Act § 1(8); 11 USC § 1(8). Business trusts have frequently been held to be subject to statutory regulations of corporations and to provisions aimed primarily at corporations. Hernphill v Orloff, 277 US 537, 72 L Ed 978, 48 S Ct 577. See incorporation; municipal corporation; person; public corporation.