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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.
Inc. Inc. is the abbreviation for incorporated. A corporation is a separate legal entity from the person or people forming it. Directors and officers purchase shares in the business and have responsibility for its operation.Incorporation limits an individual's liability in case of a lawsuit. corporation is a separate legal entity from the person or people forming it. Directors and officers purchase shares in the business and have responsibility for its operation. Incorporation limits an individual's liability in case of a lawsuit.