Definition of corporation

The word "corporation" comes from the Latin "copulare," meaning "to gather" or "to unite." In the 12th century, a corporation referred to a group of people who were united for a common purpose, often a guild or a religious organization. Over time, the term evolved to describe a legal entity that was separate from its individual members and had its own rights and responsibilities. In the 17th century, the concept of a corporation was formalized in the British law, particularly with the Charitable Uses Act of 1601, which allowed for the creation of charitable corporations. The term "corporation" became more widely used to describe businesses, organizations, and institutions that were incorporated or chartered by the government. Today, the word "corporation" refers to a wide range of legal entities, including businesses, non-profit organizations, and government agencies. Despite its evolution, the core idea of a corporation as a group of people united for a common purpose remains the same.