What is defined as an artificial being created by operation of law, having the right of succession?

A corporation is defined as an artificial being created by operation of law, which distinguishes it from other types of business entities such as partnerships or cooperatives. This legal status allows a corporation to own property, enter into contracts, sue and be sued, and has the distinct advantage of limited liability for its owners, who are typically its shareholders. This means that shareholders' personal assets are generally protected from any debts or liabilities that the corporation incurs.

The right of succession refers to the ability of the corporation to continue existing beyond the lives of its shareholders or the original creators. This contrasts with partnerships, where the partnership may dissolve upon the death or withdrawal of a partner, and joint ventures, which are often temporary collaborations. Cooperatives, while also legal entities, are primarily member-driven organizations with their own specific operational structures.

Therefore, the definition of a corporation aligns perfectly with the concept of an artificial being created by law and possessing the right of succession, making it the correct choice for this question.