Corporation A corporation is a body formed to conduct any kind of business. This body is a legal entity and is separate from the person or persons who have created it. The formation of this corporation gives it legal rights which are similar to the rights of an actual person. A corporation has directors, shareholders, etc to form the entire corporate system of the company. All of these work together to fulfill the aims and objectives of the business and are protected by corporate law (Fishman, p. 15). A corporation is separate and has a separate legal identity from the people who have created it. The corporation is in fact, legally independent of these people. If a business fails and the corporation somehow loses money, the shareholders only lose their investment. In other cases the shareholders might also be liable to the loss, however in the case of a ‘no liability’ corporation the shareholders can easily walk off without paying any of the losses however, will not be able to get back their investments. As the business is no longer running and the corporation has closed down, therefore the employees of the corporation are now out of jobs. On the other hand, if the shareholders have some prior agreement to pay some of the dues after the corporation shuts down due to loss, they can pay it off in the end as per their agreement. This rule is known as limited liability and such corporations usually end with ‘Ltd’. Some other variant of Ltd is ‘Plc’ or ‘Inc’ (Fishman, p. 15). It should be noted here that corporations might not be actual persons, but they do have rights and liabilities like actual persons and like human rights, they have corporate laws. However, corporations can also exercise human rights in many cases and behave like real individuals. (Blumberg, n.p). When corporations are formed they have to obtain a certificate of incorporation. Losing their money to insolvency can result in the ‘death’ of corporations. Hence it can be seen that these corporations behave as normal individuals even exercising human rights along with following the corporate rules and regulations. If these corporations exercise human rights, they can also be accused of criminal offenses such as fraud, etc. (Monks & Minow, pp. 8-15). Key features of a corporation are listed below:   * A corporation is an artificial person who can exercise human rights and especially the corporate laws i.e. a corporation has a legal personality   * These are owned by shareholders but are not a part of these shareholders and have their existence; these shareholders can have limited liability or no liability at all.   * The shares are transferrable   * A corporation is run by centralized management or a board of governance.   * Fiduciary responsibilities are exercised by managers and directors. This means that these people have to work in the best interest of the shareholders and the corporation. (Crane & Matten, p. 43). Historical context The word corporation is derived from the Latin word ‘corpus’ which is means body of people. This word was being extensively used in medieval Europe when churches and the local government were considered corporations. Apart from Rome, India also used this terminology and proper legal rights were formed for these corporati