Definition:
A corporation is a legal business structure that establishes the business as being a separate entity from the owner(s). This means that the assets, income, debts, and liabilities of the business belong to corporation, not to the owner(s).
Corporations can have their own bank accounts, take out loans in their own name, and have legal rights and privileges separate from their owner(s).
A corporation must be established by filing certain documents with a secretary of state where the corporation will be registered.
The act of creating a corporation is called incorporating.
Also Known As: Incorporated, Inc., Corp., C Corporation, S Corporation, Company, Foreign Corporation, Closed Corporation
