Corporations A corporation is a creature of state law, and is generally created under, and limited by, statutory law. Corporations have a separate legal existence, and they can buy and sell property, sue or be sued, and enter into contracts. However, a corporation can’t act by itself. Instead, it acts through its officers and agents.
A nonprofit corporation is formed without the intent of generating profit.
By law, a corporation can do the following:
- Buy, hold, or sell property
- Own and manage interests in other corporations
- Establish compensation for its employees
- Make donations
- Set conditions for admissions
- Carry on a business and carry on all such activities that aren’t prohibited by law to advance the corporation’s mission and activity