corporation

n. association of individuals legally authorized to act as an individual (Business)

A corporation is a legal entity (technically, a juristic person) which has a separate legal personality from its members. The defining legal rights and obligations of the corporation are: (i) the ability to sue and be sued; (ii) the ability to hold assets in its own name; (iii) the ability to hire agents; (iv) the ability to sign contracts; and (v) the ability to make by-laws, which govern its internal affairs. Other legal rights and obligations may be assigned to the corporation by governments or courts. These are often controversial.
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n. corporation, fellowship, guild

(n.)
A body politic or corporate, formed and authorized by law to act as a single person, and endowed by law with the capacity of succession; a society having the capacity of transacting business as an individual.
  

A legal "person" that is separate and distinct from its owners. A corporation is allowed to own assets, incur liabilities, and sell securities, among other things.