Definition of corporation

Sec. 20. "Corporation" Defined. The term "corporation" is used in the Act in a general sense and includes any form of businesss

[sic.] association whose characteristics more nearly resemble those of a corporation than those of a trust or partnership, including

corporations, partnerships with corporate members, associations, joint stock companies, real estate investment trusts, not-for-profit associations,

business trusts and Massachusetts trusts. Proprietorships or partnerships formerly taxable under Internal Revenue Code § 1361 are now taxed

as individuals. Internal Revenue Code § 1361 was repealed in 1969; thus proprietorships and partnerships taxable under this subsection are

no longer included within the definition of "corporation."

Any receiver, trustee, conservator, liquidator, or other fiduciary controlling any of the above is also a "corporation" under the Act.