business corporation


business corporation
The ordinary corporation, a commercial corporation; a corporation organized to engage in some business for profit; as the term is used in the Bankruptcy Act, a corporation the sole motive of which is pecuniary gain and the chief purpose of which is to carry on trade or commerce in an established field and to do this primarily for the financial benefit of those who have joined in its organization and in the conduct of its affairs. Wisconsin Coop. Milk Pool (CA7 Wis) 119 F2d 999. When a corporation is doing the very things it was organized to do, and it is not a charitable, benevolent, or social corporation, it is a business corporation within the meaning of the state and Federal franchise tax statutes. Union Oil Associates v Johnson, 2 Cal 2d 727, 43 P2d 291, 98 ALR 1499.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • business corporation — company, incorporated company …   English contemporary dictionary

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  • Model Business Corporation Act — The Model Business Corporation Act (MBCA) is a model set of law prepared by the Committee on Corporate Laws of the Section of Business Law of the American Bar Association and is followed by twenty four states.[1] Contents 1 History 2 Use of Model …   Wikipedia

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  • small business corporation — see corporation Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • small business corporation — A corporation which, although small in capitalization and the number of persons employed, may be a vital economic asset of the community. For definition of small business corporation for tax purposes, see Internal Revenue Code § 1244(c) …   Ballentine's law dictionary

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  • corporation — cor·po·ra·tion /ˌkȯr pə rā shən/ n [Late Latin corporatio, from Latin corporare to form into a body, from corpor corpus body]: an invisible, intangible, artificial creation of the law existing as a voluntary chartered association of individuals… …   Law dictionary

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