What is defined as an artificial being that exists only in the eyes of the law?

A corporation is defined as an artificial being that exists only in the eyes of the law. This legal concept allows a corporation to act as a single entity, separate from its individual members or shareholders. It can own property, enter into contracts, and be sued in its own name, which is a key characteristic that differentiates it from other types of business organizations.

The concept of a corporation emphasizes its status as a legal person; it can conduct business in its own right and has certain rights and responsibilities that must be respected by the law. This stands in contrast to individuals, partnerships, or associations, which do not have the same legal persona granted to them. Individuals exist in their own right as natural persons, partnerships involve an agreement between people to conduct business together without the same legal status as a corporation, and associations may not have the same legal recognition or the ability to operate independently as a corporation does.