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A corporation is an institution that is granted a [charter] recognizing it as a [separate legal entity] having its own privileges, and liabilities distinct from those of its members. There are many different forms of corporations, most of which are used to conduct [business] .

Corporations exist as a product of [corporate law] , and their rules balance the interests of its [stakeholders] : the [management] who operate the corporation; [creditor] s who loan it goods, services or money; [shareholder] s who invest their [capital] ; the employees who contribute their [labor] ; and the clients they serve. In modern times, corporations have become an increasingly dominant part of economic life.

An important feature of corporation is limited liability. If a corporation fails, shareholders normally only stand to lose their investment, and employees will lose their jobs, but neither will be further liable for debts that remain owing to the corporation's creditors.

Despite not being natural persons, corporations are recognized by the law to have rights and responsibilities like actual people. Corporations can exercise [human rights] against real individuals and the state, and they may be responsible for human rights violations. Just as they are "born" into existence through its members obtaining a [certificate of incorporation] , they can "die" when they lose money into [insolvency] . Corporations can even be convicted of criminal offences, such as [fraud] and [manslaughter] .

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