A corporation is chartered by the state where its headquarters is located and considered by law to be a separate and unique entity apart from those who own it. A corporation can be taxed, sued, and enter into contractual agreements.
A corporation is chartered by the state where its headquarter is located and created (known as incorporation) upon the filing of the Articles of Organization and approval by the state.
The owners of a corporation are called shareholders. The shareholders elect a board of directors to oversee the major policies and decisions. The corporation is governed by its bylaws, which can but does not have to be filed with the state, and has a life of its own and does not dissolve when ownership changes.
Advantages & Disadvantages of a CorporationLearn more
Why Make a S Corporation Election?Learn more