What are the responsibilities of a corporation?

A corporation is a legal entity that is separate and distinct from its owners. Under the law, corporations possess many of the same rights and responsibilities as individuals. They can enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes.

What does a corporation mean?

A corporation is an organization —usually a group of people or a company —authorized by the state to act as a single entity (a legal entity recognized by private and public law as "born out of statute"; a legal person in a legal context) and recognized as such in law for certain purposes.

Is a corporation a legal entity?

A corporation is a legal business entity that is separate and distinct from its owners and has many of the same rights and responsibilities as an individual.