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Mutual company. A corporation that is owned by a group of members and that distributes income in proportion to the amount of business that members do with the company. Mutual Company. A company structure in which the company's owners are also its clients.
The definition of a corporation is a legal entity with its own rights, privileges and liabilities separate from the members who created it. An example of a corporation is Apple Computer. a legal entity that exists independently of the person or persons who have been granted the charter creating it and that is invested with many of the rights given to individuals: a corporation may enter into contracts, buy and sell property, etc.