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A corporation is an artificial person that is created by governmental action. A corporation exists in the eyes of the law as a person, separate and distinct from the persons who own the corporation (stockholders). This means that the property of a corporation is not owned by the stockholders, but by the corpora­tion. In addition, debts of the corporation are debts of this artificial person, and not of the persons running the corporation or owning shares of stock in it. A corporation can sue and be sued in its own name. Shareholders cannot normally be sued for corporate liabilities.

A corporation is a company that has been formally incorporated according to the laws of a particular state. Corporations can be either profit-making companies or non-profit entities. Tax-exempt non-profit corporations are often called “501(c)3 corporation”.

Inside Corporations