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of <h1>Corporation is artificial legal entity distinct from members with perpetual succession and contractual capacity</h1> A corporation is an artificial legal entity distinct from its members, created by law with perpetual succession and capacity to act as a single person. It can own property, enter contracts, sue and be sued. Corporations are classified as aggregate (multiple persons) or sole (single office holder), and as spiritual, temporal, or mixed. Under the Limited Liability Partnership Act 2008, 'body corporate' includes companies and LLPs but excludes corporation sole and cooperative societies. The Supreme Court has established that corporations possess only powers expressly or impliedly conferred by their creating statute, distinguishing between entities owing existence to legislative acts versus those merely gaining corporate status through such acts.
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