TERM FMCSA Definition – “Corporation”
An artificial person or legal entity created by or under the authority of the laws of a state or nation, composed, in some rare instances, of a single person and his successors, but ordinarily consisting of an association of numerous individuals, which is regarded in law as having a personality and existence distinct from that of its several members. Corporations may own assets, and incur liabilities that do not pass to its shareholders personally.
Corporation
An artificial person or legal entity created by or under the authority of the laws of a state or nation, composed, in some rare instances, of a single person and his successors, but ordinarily consisting of an association of numerous individuals, which is regarded in law as having a personality and existence distinct from that of its several members. Corporations may own assets, and incur liabilities that do not pass to its shareholders personally.