Glossary of Key Terms

• Corporation: A legal entity separate and distinct from its owners, formed under the laws of a specific jurisdiction.
• Legal Personality: The recognition of an entity (like a corporation) as having the same rights and responsibilities as a natural person under the law.
• Limited Liability: A legal principle that protects shareholders from being held personally liable for the debts and obligations of the corporation beyond their investment.
• Board of Directors: A group of individuals elected by shareholders to oversee the management and strategic direction of a corporation.
• Perpetual Existence: The ability of a corporation to continue to exist indefinitely, even if its owners change or die.
• Shareholder: An individual or entity that owns shares of stock in a corporation, granting them partial ownership and certain rights.
• Centralized Management: A hierarchical management structure where decision-making authority is concentrated at the top levels of the organization.
• Jurisdiction: The legal authority or scope of control of a government or legal system.
• Liability: Legal responsibility for one's actions or omissions.
• Stakeholder: Any person, group, or organization that has an interest in or is affected by a corporation's actions.

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