Corporation/ˌkɔːrpəˈreɪʃn/ Definition 1 of 3Pro Tip 1/3Legal Personhood A corporation is legally like a person; it can own property, sue, or be sued. XYZ Corporation owns several patents. Pro Tip 2/3Shareholders' Role Corporations are owned by shareholders who invest money and have certain rights. She bought shares and became part of the corporation. Pro Tip 3/3Global Reach Multinational corporations operate across different countries beyond their origin. The corporation has offices in ten countries.