corporation: a form of business association that is chartered by a state and given legal rights as an entity separate from its owners (called shareholders). A corporation is characterized by the limited liability of its owners, the issuance of shares of transferable stock, and the possibility of perpetual existence as a going concern.

“The Depunt corporation began its existence as an explosives manufacturer, but has since diversified into chemicals, paints, oil, pharmaceuticals, and biotechnology.”