In order to know the meaning of the term corporation, we have to discover, first of all, 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 “form a body”.
-The suffix “-tio”, which is synonymous with “action and effect”.
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 generally 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 shares , its owners are members of the organization. On the other hand, 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 providing ownership in the percentage that their shares indicate, are not usually in charge of management . It is common for a board of directors to have this 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 legislation is responsible for establishing.
In the same way, we cannot ignore that it is a term 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 councils of each town and is responsible for maintaining the organization of the council itself.
Thus we can explain 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 information commissions, the special commissions such as the accounts commission, the board of Local Government and also the plenary session.
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 from the different political parties that obtained the support of the neighbors and, therefore , representation in the municipal elections held in the aforementioned town.