In order to know the meaning of the term corporation, we must first discover its etymological origin. In this case, we can state that it is a word that comes from the Latin “corporatio” which, in turn, is the result of the sum of two components of said language:
-The verb “corporare” which can be translated as “to form a body”.
-The suffix “-tio”, which is synonymous with “action and effect”.
According to abbreviationfinder.org, it is an organization made up of individuals who are responsible for the governance of the entity itself. The notion also refers to a large company that usually contains or brings together smaller ones.
For example: “I worked for twenty years in this corporation and from one day to the next, they fired me to reduce the budget”, “The corporation was denounced for polluting the river with its industrial waste”, “The merger of the three companies will give rise to a corporation that, according to analysts, will dominate more than half of the market”.
A corporation can be said to be a company or a group of people acting as a single entity. When a corporation cannot issue stock, its owners are members of the organization. Instead, if the corporation issues shares, their owners are the shareholders. In the case of nonprofit corporations, they never issue shares.
It should be noted that the shareholders of a corporation, beyond having ownership of it in the percentage that its shares indicate, are not usually in charge of management. It is usual for a board of directors to have such responsibility.
Corporations can be dissolved by the decision of their shareholders or by legal indication. It is important to keep in mind that, as legal entities, corporations have rights and obligations that the legislation is responsible for establishing.
In the same way, we cannot ignore that it is a term that is used within the political sphere. Specifically, it is very common to speak of a municipal corporation, which is the internal structure that exists in the town halls of each population and which is responsible for maintaining the organization of the council itself.
Thus we can state that within this municipal corporation there is both the mayor’s office and the deputy mayors, the councilors who are responsible for the different areas, the informative commissions, the special commissions such as the accounts commission, the board of Local Government and also the plenary.
Specifically, we can establish that this municipal corporation, through the forms already mentioned, will be made up of the mayor as well as the rest of the councilors of the different political parties who obtained the support of the neighbors and, therefore,, representation in the municipal elections held in the aforementioned population.