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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.
A domestic corporation of a particular state is one that has been organized and chartered in that state as opposed to a foreign corporation, which has been incorporated in another state or territory. In tax law, a domestic corporation is one that has originated in any U.S. state or territory.