|1.||a group of people authorized by law to act as a legal personality and having its own powers, duties, and liabilities|
|2.||Also called: municipal corporation the municipal authorities of a city or town|
|3.||a group of people acting as one body|
|4.||See public corporation|
|5.||informal a large paunch or belly|
A business organization owned by a group of stockholders, each of whom enjoys limited liability (that is, each can be held responsible for losses only up to the limit of his or her investment). A corporation has the ability to raise capital by selling stock to the public.