“An incorporated entity is a separate legal entity that has been
incorporated through a legislative or registration process established through
legislation. Incorporated entities have legal rights and liabilities that are
distinct from their shareholders,[1] and may conduct business for either
profit-seeking business or not for profit purposes.
Early incorporated entities
were established by charter (i.e. by an ad hoc act granted by a monarch or passed
by a parliament or legislature). Most jurisdictions now allow the creation of
new corporations through registration. In addition to legal personality,
registered companies tend to have limited liability, who can transfer their
shares to others, and controlled by a board of directors whom the shareholders
appoint.”
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