In the United States, corporations are the most prevailing type of business organization. A corporation is an artificial person created by law, with most of legal rights of a real person, including the rights to start and operate business, to own or dispose of property, to borrow money, to sue or be sued, and to enter into binding contracts. There are two kinds of corporations: The public corporations which are created by the government to succeed political and governmental aims and the private corporations which are formed by private persons for private benefits??. The proprietors are called shareholders and they have stock certificates. These business organizations are also classified as profit or nonprofit, publicly or closely held, professional, domestic, foreign, alien and S corporations. The classification is depending on their locations, purpose or owners??.
A corporation is a creation of the state because its life is depending on state laws??¤. It does not exist any general federal corporation law that governs the structure and the function of private corporations, but there are several federal laws, such as securities laws, labor laws, antitrust laws, consumer protection laws, environmental protection laws and bankruptcy laws. It is a
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