What is a Corporation?

A corporation is a legal entity having its own privileges and liabilities distinct from those of its members.

An important feature of a corporation is limited liability.

If a corporation fails, shareholders normally lose only their investment, and employees will lose their jobs, but neither will be further liable for debts that remain owing to the corporation’s creditors.

The corporation has shareholders (those who own the stock in the corporation), a board of directors, and officers (president and secretary/treasurer).

An individual can form a corporation or a group of individuals can form a corporation.

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