A corporation is a legal entity that is separate and distinct from its owners; it enjoys all legal rights and privileges that a natural person enjoys. For the purpose of this discourse, we will classify corporate into the following:
- Corporate Sole.
- Corporate Aggregate.
Corporate Sole: a corporate sole denotes a situation where a single individual is looked upon or assumes the status of an institution or a corporation. This is mainly seen in religious bodies or traditional institutions. For example: In the Catholic Diocese of Lafia, the Bishop is an institution of himself - sole trustee. Again, in the Emirate Kingdom of Keffi, Emir of Keffi is seen as a corporate sole.
Corporate Aggregate: on the other hand, as the name implies, this corporation is ascertained where you have a combination of many persons forming one legal entity.
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