Corporation A corporation is a juridical entity established under the Corporation Code and registered with the SEC.

It must be created by or composed of at least 5 natural persons (up to a maximum of 15), technically called incorporators. Juridical persons, like other corporations or partnerships, cannot be incorporators, although they may subsequenly purchase shares and become corporate shareholders/stockholders.The liability of the shareholders of a corporation is limited to the amount of their capital contribution. In other words, personal assets of stockholders cannot generally be attached to satisfy the corporations liabilities, although the responsible members may be held personally liable in certain cases. For instance, the incorporators may be held liable when the doctrine of piercing the corporate veil is applied. The responsible officers may also be held soliarily liable with the corporation in certain labor cases, particularly in cases of illegal dismissal.The biggest businesses take the form of corporations, a testament to the effectiveness of this business organization. A corporation, however, is relatively more difficult to create, organize and manage. There are more reportorial requirements with the SEC. Unless you own sufficient number of shares to control the corporation, youll most likely be left with no participation in the management. The impact of these concerns, however, is minimized by the army of lawyers, accountants and consultants that assist the corporations management. A limited partnership has at least one general partner and at least one limited partner. The general partner has the same role as in a general partnership: controlling the company's day-to-day operations and being personally liable for business debts. The role of limited partners, however, differs in a few ways:
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Limited partners do not play an active role in the business. The limited partners (most LPs have more than one limited partner) contribute financially to the business (for example, a limited partner might invest $100,000 in a real estate partnership) but have minimal control over business decisions or operations, and normally cannot bind the partnership to business deals. Limited partners are not personally liable. In return for giving up management power, limited partners get the benefit of protection from personal liability. This means that a limited partner can't be forced to pay off business debts or claims with personal assets. A limited partner, however, can lose his or her financial investment in the business. Limited partners face slightly different tax rules. For income tax purposes, limited partnerships generally are treated like general partnerships, with all partners individually reporting and paying taxes on their share of the profits each year. Limited partners, as a rule, do not have to pay self-employment taxes; because they are not active in the business, their share of partnership income is not considered "earned income" for purposes of the self-employment tax. Limited partners need to understand that they can become personally liable if they do not stick to their passive role. If a limited partner starts taking an active role in the business, that partner's liability can become unlimited. If a creditor can prove that a limited partner took acts that led the creditor to believe that he or she was a general partner, that partner can be held fully and personally liable for the creditor's claims.

quasi-public corporation Privately operated corporation with some sort of government backing, and specifically mandated responsibilities that are stated in the corporation's legal charter. Examples include Fannie Mae and Sallie Mae. Though quasi-public corporations can usually issue stocks publicly, their primary responsibility is always to carry out their designated mandates, and creating shareholder value is a secondary objective. A quasi corporation generally refers to an entity that exercises some of the functions of a corporation, but has not been granted separate legal personality by statute, particularly a public corporation with limited authority and powers such as a county or school district. In the United States such entities are often referred to as quasi-municipal corporations. de jure corporation A corporation that has earned its state charter by fulfilling the requirements for formation and is legally entitled to do business. A government-owned corporation, state-owned company, state-owned entity, state enterprise, publicly-owned corporation,

government business enterprise, or parastatal is a legal entity created by a government to undertake commercial activities on behalf of an owner government. Their legal status varies from being a part of government into stock companies with a state as a regular stockholder. There is no standard definition of a government-owned corporation (GOC) or state-owned enterprise (SOE), although the two terms can be used interchangeably. The defining characteristics are that they have a distinct legal form and they are established to operate in commercial affairs. While they may also have public policy objectives, GOCs should be differentiated from other forms of government agencies or state entities established to pursue purely non-financial objectives that have no need or goal of satisfying the shareholders with return on their investment through price increase or dividends. A foreign corporation is a term used in the United States for an existing corporation that is registered to do business in a state or other jurisdiction other than where it was originally incorporated.[1] A foreign corporation is one incorporated as a domestic corporation in one state of the United States, authorized to do business in additional state(s); the term is also applied to a corporation incorporated outside the United States which is authorized to do business in one or more states of the United States. To a degree, the same rules apply with respect to a Limited Liability Company (LLC), in that it is a domestic LLC in the state where it is originally chartered, and a foreign LLC everywhere else. For U.S. federal tax purposes, "foreign corporation" means a corporation which is not created or organized in the United States.[2] A corporation sole is a legal entity consisting of a single ('sole') incorporated office, occupied by a single ('sole') man or woman. This allows a corporation (usually a religious corporation) to pass vertically in time from one office holder to the next successor-in-office, giving the position legal continuity with each subsequent office holder having identical powers to his predecessor. A company that conducts its affairs in its home country. A domestic corporation is often taxed differently than a foreign corporation, and may be required to pay duties or fees on the importation of its products. Typically, a domestic corporation is able to conduct business in other states or other parts of the country where it has filed its articles of incorporation.

As one of the more common types of corporation, the aggregate corporation is a body of individuals who have united under a common business name with the purpose of conducting a specific type of business enterprise. One of the distinguishing marks of the aggregate corporation has to do with the establishment of a clear line of succession with the ranks of the officers of the company. Along with this line of succession is a great deal of control vested in the person who currently occupies the first position in the line of succession. Here is some information about aggregate corporations, and how this process works. One thing to understand is that an aggregate corporation can be formed as a public corporation or a private one. All that is required is that there be more than one investor associated with the corporation. It should be noted that an organization that was composed of a group of family members as investors is generally not held to be an aggregate corporation. For legal and practical purposes, four investors who were part of the same immediate family would be counted as a sole investor, and the company would be considered a sole organization rather than an aggregate one.