FSE2202-1.2
Legal Entity
A business organization that is recognized by the law as having a separate legal existence.
Stock or Stock Certificate
A document specifying the number of shares owned by a stockholder.
Sole Proprietorship
A legal form of organization whereby the business is owned and operated by one person.
Corporation
An artificial being, invisible, intangible, and existing only in contemplation of law; an entity that is something that has a distinct existence separate and apart from the existence of its individual members.
Stockholder
One who owns shares in a company.
Board of Directors
The governing body that is elected by the stockholders of a corporation.
Partnership
The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.
Corporation Charter
The written application for permission to incorporate that is approved by a state official.