Corporation is a legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that individuals possess: they can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes.
Some key features of a corporation include:
1. Limited liability for shareholders
2. Perpetual existence
3. Ability to raise capital through stock sales
4. Centralized management structure
5. Double taxation (in some jurisdictions)