Corporation is a term for a company established under the law of a particular state. It has an independent legal personality separate from its owners. The exact meaning of the word corporation differs in individual states (jurisdictions). The corporation is the oldest type of legal entity that was already known by Roman law.
Corporation in practice: The corporation is based in accordance with the law of the state. The process of incorporation is therefore different in each country, the whole process usually ends by registration of the corporation. A common feature of corporations is the separation and limitation of liability of owners, owners’ shares are generally transferable. Usually the share of the owner is caught in the form of shares, but there are also other ways.
In American English, the term corporation is used to describe those types of companies, in which the owner may transfer its ownership interest without the consent of the other owners. In British English the term corporation is used for companies. It thus includes the designation of all companies.