A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Companies take various forms, such as:
voluntary associations, which may include nonprofit organizations
business entities, whose aim is generating profit
financial entities and banks
programs or educational institutionsA company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duty according to the publicly declared incorporation, or published policy. When a company closes, it may need to be liquidated to avoid further legal obligations.
Companies may associate and collectively register themselves as new companies; the resulting entities are often known as corporate groups.
U.S. Secretary of Commerce Gina Raimondo attends a press conference at the Boeing Shanghai Aviation Services near the Shanghai Pudong International Airport, in Shanghai, China August 30, 2023. REUTERS/Aly Song/File Photo Purchase Licensing Rights, opens new tab
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