What is the difference between Corporation and Incorporation? - ProProfs Discuss
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What is the difference between Corporation and Incorporation?

Asked by R. Jones, Last updated: Jul 01, 2020

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A. Samuel

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A. Samuel, Content Manager, Masters in Marketing and accounting, Florida

Answered May 19, 2020

A corporation is formed with the intent to carry out a business of some kind. Incorporation is a process by which a corporation is established. Incorporation is the legal process of setting up a corporation. Being a corporation means being an institution. The term incorporation should only be used when referring to the legal steps taken to ensure the sanctity of the corporation.

The process of incorporation differs from one country to the next. It depends on their judgment, perspective, and jurisdiction. Incorporation entails several pertinent legal issues, such as transferable ownership, taxation, retirement funds, raising funds, credit rating, and durability. The term corporation should be used when speaking of certain business institutions.

 

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