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Simple English definitions for legal terms
corporate purpose
Read a random definition: Employee Retirement Income Security Act
A quick definition of corporate purpose:
Corporate purpose refers to the overall goal or reason why a company was created. It is usually stated in the company's articles of incorporation. This statement outlines what the company aims to achieve and what it stands for. It is important for a company to have a clear and concise corporate purpose to guide its decisions and actions.
A more thorough explanation:
Definition: Corporate purpose refers to the overall goal or objective for which a corporation was established. It is typically outlined in the company's articles of incorporation.
For example, a company may have a corporate purpose of providing affordable and high-quality healthcare services to its customers. Another company may have a corporate purpose of developing innovative technology solutions to improve people's lives.
These examples illustrate how a company's corporate purpose guides its operations and decision-making. It serves as a guiding principle for the company's activities and helps to define its identity and mission.