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The law regards a corporation as a legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that an individual possesses; that is, a corporation has the right to enter into contracts, loan and borrow money, sue and be sued, own and sell property, hire employees, own assets and pay taxes, and sell the rights of ownership in the form of stocks.

Corporations are used throughout the world to operate all kinds of businesses. While their exact legal status varies somewhat from jurisdiction to jurisdiction, the most important aspect of a corporation is the limited liability protection. This means that shareholders have the right to participate in profits but are not held personally liable for the company's debts.

There are several different types of corporations, including “C” Corporations, “S” Corporations, Close Corporations, Benefit Corporations, Professional Corporations, and Nonprofit Corporations. There are many differences between them and an understanding of each is required to decide which one is right for you.