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corporation, in law, organization enjoying legal personality for the purpose of carrying on certain activities. Most corporations are businesses for profit; they are usually organized by three or more subscribers who raise capital for the corporate activities by selling shares of stock, which represent ownership and are transferable. Besides business corporations, there are also charitable, cooperative, municipal, and religious corporations, all with distinctive features. In the United States all governmental units smaller than a state (e.g., counties, cities) are municipal corporations. Certain religious functionaries (e.g., Roman Catholic archbishops) legally are corporations sole.
The legal personality of a corporation is symbolized by its seal and its distinctive name. As a legal person, the corporation continues in existence when the organizers lose their connection with it. In most cases its liability is limited to the assets it possesses and creditors may not seize property of persons associated with the corporation as stockholders or otherwise. Legal personality gives the corporation many of the capacities of a natural person; e.g., it can hold property and can even commit crimes (for which it may be fined and its directors imprisoned).
The Modern Corporation
The modern concept of corporate power holds that the rights of the participants as well as the conduct of the enterprise must be the subject of managerial discretion. The salient characteristic of the modern corporation is the separation of management from ownership. Management of industrial corporations now requires executive managers and a corporate bureacracy to oversee its complex and interlacing activities.
The large business corporation has strongly influenced the control of property in the modern world. The large corporations are typically controlled by a small minority of the stockholders. There are several methods employed by small groups of stockholders to gain control of large corporations. These include pooling of the majority of stock in the hands of trustees having the power to vote it and the use of proxies (agents for the actual stockholders pledged to vote for particular candidates for managerial positions). Proxies are generally successfully used because stockholders rarely attend meetings or name proxies other than those suggested to them by management.
A more recent type of corporation is the holding company, organized to buy a controlling interest in other corporations; this type of corporation typically possesses no physical assets. The amount of cash needed to control a concern is lessened by pyramiding holding companies. This is done by creating a company to hold a voting control of one or more operating companies. A third company is created to hold a controlling interest in the second, and so on. The control of the last holding company is sufficient to control all; and such control, because of the scattering of stock among many small holders, may need the ownership of only 10% or 20% of the stock available.
See also trust.
The Regulation of Corporations
See R. Sobel, The Age of Giant Corporations (1984); J. Davis, Corporations (1905, repr. 1986); W. Doran, The Business Corporation in the Democratic Society (1987); J. Bakan, The Corporation: The Pathological Pursuit of Profit and Power (2004).
- the process in which the occupational and political organizations of the working class are accommodated within capitalist society.
- the argument that working-class consciousness has been shaped by the values and interests of other, dominant, classes.
Incorporation is one of many concepts which have been proposed to explain the predominantly reformist attitudes of the working classes of capitalist societies. It has been particularly influential in UK studies. The extension of citizenship, and voting and welfare rights, for example, and the establishment of‘respectable’, skilled, male trade unionism after 1850, have been seen both as the product of working-class struggle and as a means of institutionalizing, and thus containing the level of, industrial and political conflict. The Parliamentary Labour Party has also been a major element in the incorporation of the working class into existing structures. In the 1960s, proposed and actual trade-union legislation which attempted to give the state a continuous role in monitoring and regulating relations between employers and unions has been explained in terms of the incorporation of union militancy into stable and routine state structures (see also CORPORATISM). Between 1945 and 1979 the involvement of trade-union leaders in government committees, the acceptance of knighthoods, etc., by union leaders, and the willingness of unionists to cooperate in state-inspired initiatives like ACAS, have all been seen as examples of incorporation, i.e. as reducing militancy by channelling potential conflict, leadership and values into forms which can be accommodated by the status quo.
the combination into one morphological unit of two or more semantemes, which are mobile components with separate lexical meanings; the number and order of the components are determined in each instance by the content of the utterance, but the relations between them correspond to syntactic relations.
In Chukchi, for example, incorporation is used to express attributive relations (ga-ηran-tor-melgar-ma, “with two new guns”), adverbial relations (m∂t-winw∂-ekwet-∂rk∂n, “we are leaving secretly”), object relations (m∂t-kupre-g∂nrit-∂rk∂n, “we are protecting the nets”), and object relations expanded by attributives (m∂t-kupre-g∂nrit-∂rk∂n, “we are protecting the new nets”). Such an incorporative complex is neither a word (because it may be divided into lexicosemantic units) nor a combination of words (because it has morphological integrity). Incorporation occurs together with agglutination in languages; the two are closely interrelated and mutually conditioned.
REFERENCESStebnitskii, S. N. Iz istorii padezhnykh suffiksov v koriakskom i chukotskom iazykakh. Leningrad, 1941.
Skorik, P. Ia. “O sootnoshenii aggliutinatsii i inkorporatsii.” In thecollection Morfologicheskaia tipologiia i problema klassifikatsii iazykov. Moscow-Leningrad, 1965.
P. IA. SKORIK