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In general terms, the principals of a corporation are the owners or investors, referred to as shareholders or stockholders. The agents of the corporation are generally considered to be the board of directors, officers or other persons the corporation authorizes to act on its behalf.
Definition. Pertaining to corporations. Corporations are the most common form of business organization, and one which is chartered by a state and given many legal rights as an entity separate from its owners.ertaining to corporations. Corporations are the most common form of business organization, and one which is chartered by a state and given many legal rights as an entity separate from its owners.