<P> Corporations chartered in regions where they are distinguished by whether they are allowed to be for profit or not are referred to as "for profit" and "not - for - profit" corporations, respectively . </P> <P> There is some overlap between stock / non-stock and for - profit / not - for - profit in that not - for - profit corporations are always non-stock as well . A for - profit corporation is almost always a stock corporation, but some for - profit corporations may choose to be non-stock . To simplify the explanation, whenever "Stockholder" or "shareholder" is used in the rest of this article to refer to a stock corporation, it is presumed to mean the same as "member" for a non-profit corporation or for a profit, non-stock corporation . </P> <P> Registered corporations have legal personality and are owned by shareholders whose liability is generally limited to their investment . Shareholders do not typically actively manage a corporation; shareholders instead elect or appoint a board of directors to control the corporation in a fiduciary capacity . In most circumstances, a shareholder may also serve as a director or officer of a corporation . </P> <P> In American English, the word corporation is most often used to describe large business corporations . In British English and in the Commonwealth countries, the term company is more widely used to describe the same sort of entity while the word corporation encompasses all incorporated entities . In American English, the word company can include entities such as partnerships that would not be referred to as companies in British English as they are not a separate legal entity . </P>

Who has the most control over a corporation