A corporation is a legal entity that exists separate from its owners, protects the owners from personal liability, and gives the firm a life of its own beyond that of its owners.

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A corporation is a separate legal entity from its owners, meaning that the company can sue or be sued, enter into contracts, and own property on its own. The owners, also known as shareholders, are typically not personally liable for the corporation's debts or obligations. Additionally, a corporation has perpetual existence, meaning that it can continue to exist even if the original owners sell their shares or pass away.

A Corporation Is a Legal Entity That Exists Separate from Its