👉 A body corporate, created by law or under authority of law, having a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members.
Alright class, settle down, let’s take a look today, At a word that pops up in business, come what may! We're talking about corporations , it’s true, Let’s break it down for me and you. The dictionary gives us a hefty line, A long explanation, truly divine! Let’s see… “A body corporate…” Think of it as a form, Like a legal structure, safe from the storm. "Created by law or under authority’s sway," It's built with rules to guide its way. “Having a continuous existence,” that's key, It lives on and on, for all to see! Not tied to individuals, you understand, Unlike people working hand in hand. "Powers and liabilities distinct from its members," this is the gist, The corporation acts, with a separate list! Think of it like this: Imagine a team, Each player’s good, but the team's supreme! The corporation is that team, strong and bold, With rules and responsibilities to unfold. In short , it's a business, legally bound, Operating as an entity, profound! Do you have any questions? Don’t be shy, Let's discuss this concept with a twinkle in your eye!”
