The Corporation, broadly speaking, is a wholly independent legal business entity that is created to operate a business for profit. In a corporation there is a fundamental separation between the entity itself and the people who created it or who oversee its operations, thereby avoiding the personal liability of the creators or those who are in charge of the corporation.
Because a corporation is a separate legal entity from its owners, it has a more complex and expensive structure, as it is subject to more regulations (which are more stringent) and taxes than most other business structures. It also requires more tax preparation services than sole proprietorship and partnerships.
A corporation symbolizes permanence, stability, and the peace of mind that comes from knowing that its activities are governed by strict laws and
regulations. It has a perpetual life since its existence does not depend on the life of its founders or owners as in other business entities. A corporation can exist even after the death of its original owners.
