The terms corporation, enterprise, company, and business are often used interchangeably; however, they have distinct meanings. In law, only individuals as natural persons and corporations are legal entities. A juristic person is a group of natural persons behaving as if they are a single group as a partnership, limited liability company, or corporation, and can exist for many reasons. An enterprise is either a sole proprietorship associated with a natural person, or a juristic person. A business can exist to earn revenue from customers in order to generate a profit for its owners regardless of legal form.
A corporation is a legal entity that is separate and distinct from its owners. In the United States, corporations are organized under state law according to articles of incorporation. However, both the Federal and state governments may form corporations for commercial and governmental activities. Federally chartered banks are designated as national associations or national trust and savings associations. According to law, there must be some indication in the name of the corporation that it is incorporated. For example, “The Business Leadership Development Corporation” and “Javazona Cafes, Incorporated” (abbreviated to “Javazona Cafes, Inc.”) are two incorporated legal entities.
An enterprise is a group of activities intended to produce income for profit as a business, as a not-for-profit association, or as a government agency. An enterprise can consist of one or more legal entities.
In its simplest form, a company is a group of individuals who are associates or companions, as opposed to a group of individuals assembled with no distinct purpose. A team is a tightly coupled group working coherently with mutual accountability. In effect, a company is set of teams working together with common purpose.