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- A legal entity created under the laws of a state to carry on some business or other authorized activity. The principal distinction between a business corporation and other forms of business organization (i.e., proprietorship or partnership) is the fact that the liability of the owners is limited to the capital of the subject corporation.
City and County of Honolulu - Cite This Source - This Definition
- Obligations, Partnership, Ratio, Sole Proprietorship, Subchapter "S" Corporation