Definition: A body corporate, created by law or under authority of law, having a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members.

Alright class, settle down now, let’s dive in today, To understand a word that often comes your way. We're talking about “corporation,” it’s quite a legal plea, Let’s break it down for you, so you can clearly see! The dictionary gives us a long and formal phrase, “A body corporate… in countless ways!” Think of it like this: imagine a group, you see, With rules and regulations, specifically. "Body Corporate” – that's the core, it’s true, Like a legal entity, shiny and new! Created by laws, with permission bright, It doesn’t vanish when its members take flight. It has a life of its own, you understand, Independent and strong, across the land! “Continuous existence” – it just won't cease, Like a steady river, bringing peaceful ease. And “powers and liabilities distinct from those of its members” - this is key, It can act on its own, completely free! So, it has rights and responsibilities all its own, Unlike the people who work there, widely known. A corporation – a business grand, With rules and structure across the land! Do you have any questions? Let's discuss with glee, Now let’s move on to… [Transition to next topic]

Definition: A body corporate, created by law or under authority of law, having a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members.

Alright class, settle down, let’s take a look today, At a word that pops up in business, come what may! We're talking about corporations , it’s true, Let’s break it down for me and you. The dictionary gives us a hefty line, A long explanation, truly divine! Let’s see… “A body corporate…” Think of it as a form, Like a legal structure, safe from the storm. "Created by law or under authority’s sway," It's built with rules to guide its way. “Having a continuous existence,” that's key, It lives on and on, for all to see! Not tied to individuals, you understand, Unlike people working hand in hand. "Powers and liabilities distinct from its members," this is the gist, The corporation acts, with a separate list! Think of it like this: Imagine a team, Each player’s good, but the team's supreme! The corporation is that team, strong and bold, With rules and responsibilities to unfold. In short , it's a business, legally bound, Operating as an entity, profound! Do you have any questions? Don’t be shy, Let's discuss this concept with a twinkle in your eye!”