Definition and Types of Corporations A corporation is a legal entity that is separate from its owners. This means it can make profits, be held legally responsible, and pay taxes.

A form of business operation that declares the business as a separate, legal entity guided by a group of officers known as the board of directors A corporate structure is perhaps the most ...

A special form of corporation that allows the protection of limited liability but direct flow-through of profits and losses The S corporation is often more attractive to small-business owners than ...