Corporation, derived from the Latin " Corpus " referring to " Body " does not indicate that it is a group of people and essentially legal and systematic elements which have forces and senses of the administration to found a certain institution. The etymology of the word reveals that a corporation is an establishment which acquires a figure of legal person, from there, the functions that it performs around its functions are independent of the rest of the legalities of other corporations. Corporations are generally companies designed to cover a specific area, the characterization of a corporation is strong and sustainable, which allows them to be more of an iconic representation than an exploiter of assets.
Corporations can become government-type institutions, an example of these: La Compañía Guipuzcoana, this company, founded through Basque media in Spain, served as the first import and export bridge with the countries of South America, mainly Venezuela, thanks to its large coastline of ports and peninsulas, it facilitated the shipment of merchandise from Europe. Nowadays, a control, supervision and customs system known as SENIAT is in charge of providing the country with a control similar to that offered by the Guipuzcoana corporation. Corporations can become mayors, foundations for the end of poverty, public and private companies, all in order to provide a certain service to the community.
Corporations are limited in many essential characteristics, the first one: They are tied to a board of directors, as the governing body, it is from there that all the orders emanate so that the companies that make up the corporation carry out their functions as they should be. They are limited income companies, in the event of a bankruptcy or cessation of their functions due to flight or lack of capital, investors will lose only what they invested, thus adding debts to a bottomless dead capital. The workers of the corporation automatically become a floating population, since without the corresponding currencies the operation stops. Shares of a corporation can be transferable, sold and divisible in equitable shares, often offered to the general public in an auction or sale of bearer bonds. Legal personality, vis-à-vis the state, represents one more company with the same duties and tax rights as other legal entities.
