Definition: Corporation

Category: SNA

In the SNA, the term corporation covers legally constituted corporations and also cooperatives, limited liability partnerships, notional resident units and quasi-corporations (SNA 2008, § 4.7).

A typical corporation may be described as a legal entity, created for the purpose of producing goods or services for the market, that may be a source of profit or other financial gain to its owner(s); it is collectively owned by shareholders who have the authority to appoint directors responsible for its general management (SNA 1993, § 4.23). http://ec.europa.eu/eurostat/ramon/statmanuals/files/SNA2008.pdf United Nations, System of National Accounts (SNA) 1993