Definition: Corporation

SNA

In the SNA, the term corporation covers legally constituted corporations and also cooperatives, limited liability partnerships, notional resident units and quasi-corporations (SNA 2008, § 4.7).

A typical corporation may be described as a legal entity, created for the purpose of producing goods or services for the market, that may be a source of profit or other financial gain to its owner(s); it is collectively owned by shareholders who have the authority to appoint directors responsible for its general management (SNA 1993, § 4.23).
Source:
European Commission (Eurostat), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), United Nations (Statistics Division), World Bank, "System of National Accounts 2008", United Nations, New York, 2009
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