ENTREPRENEURSHIP

Detailed explanation-1: -A corporation is a legal entity created by individuals, stockholders, or shareholders, with the purpose of operating for profit. Corporations are allowed to enter into contracts, sue and be sued, own assets, remit federal and state taxes, and borrow money from financial institutions.

Detailed explanation-2: -A corporation is a legal entity that’s separate from the parties who own it, the shareholders who invest by buying shares of stock. Corporations are governed by a Board of Directors, elected by the shareholders. Advantages include: limited liability, easier access to financing, and unlimited life for the corporation.

Detailed explanation-3: -A business organized as a separate legal entity owned by stockholders is a corporation.

Detailed explanation-4: -If a business is a separate legal entity, it means it has some of the same rights in law as a person. It is, for example, able to enter contracts, sue and be sued, and own property. A sole trader or partnership does not have a separate legal entity.

Detailed explanation-5: -In such contexts, corporate entity means any business organization, whether incorporated or unincorporated, including partnerships, LLCs, as well as corporations and other organizations. However, in many situations, a corporate entity can mean an incorporated legal entity classified as a corporation for tax purposes.