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What is the simple definition of corporation? A corporation is a legal entity separate from its owners, made up of individuals, groups, or other corporations, that has the power to conduct business and to own property, assets, and liabilities.

Articles of incorporation, sometimes called a certification of formation or a charter, are a set of documents filed with a government body to legally document a corporation's creation. These legal documents contain general information about the corporation, including the business name and business location.

A corporation is an independent legal entity that exists separate and apart from its owners (shareholders). Basically, the corporation acts as a 'person. ' As a 'person,' a corporation can: buy, sell and own assets, including land.

Choose a business name. Register a DBA. Appoint directors. File your articles of incorporation. Write your corporate bylaws. Draft a shareholder agreement. Hold initial board of directors meeting. Issue stock.

Regardless of whether you are forming a C corporation or an S corporation, the company formation document is called the Articles of Incorporation or Certificate of Incorporation. This document provides the state with necessary information on your business.

Today, the standard answer is that a corporation's purpose is to benefit its shareholders ? academics speak of the ?shareholder primacy norm,? and many talk of corporate managers' task as ?shareholder wealth maximization.? Even apparently selfless corporate acts, such as charitable donations, are justified as ...

Furthermore, corporations are usually owned by multiple people and the ability to exchange ownership is easy, while companies can be owned by one individual and ease of transferring ownership depends on the business structure.