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A corporation 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 employees and shareholders, and may conduct business as either a profit-seeking business or not for profit business. Early incorporated entities were established by charter. Most jurisdictions now allow the creation of new corporations through registration. In addition to legal personality, registered corporations tend to have limited liability, be owned by shareholders who can transfer their shares to others, and controlled by a board of directors who are normally elected or appointed by the shareholders. In American English the word corporation is widely used to describe large incorporated businesses. In British English and in the commonwealth countries, the term limited company is more widely used to describe the same sort of entity while the word corporation encompasses all incorporated entities. In American English, the word company can include entities such as partnerships that would not be referred to as companies in British English as they are not a separate legal entity. (via Freebase)