A CORPORATION is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. An important contemporary feature of a corporation is limited liability. If a corporation fails, shareholders may lose their investments, and employees may lose their jobs, but neither will be liable for debts to the corporation’s creditors.
TYPES OF CORPORATIONS
For-Profit Corporations and Non-profit Corporations
Closely held Corporations and Publicly traded Corporations
Benefit and Mutual Benefit Corporations
Limited Liability and Asset Protection Limited Liability Corporations (LLC)