corporation

In most modern contexts, "corporation" refers to a large business. In these cases, it is often used interchangeably with "company," though "corporation" usually implies a larger, more complex legal structure. In some British English and historical contexts, the word can refer to the local government of a town (the municipal corporation), which is different from a commercial business. The term is formal. In casual conversation, people are more likely to say "company" or "firm" unless they are specifically discussing the legal status of the organization.