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| Corporation |
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A business structure in which the company is seen as its own legal entity apart from its
owners, and given rights and liabilities similar to those of a person. A corporation is able to buy and sell property, enter
contracts, bring lawsuits, and must pay taxes. In the event of bankruptcy or a law suit the company, not the owners, are held
liable. The major advantages of a corporation are that the personal liability of the owners is limited, and that the corporation
can go on indefinitely. The main disadvantage is that money earned by the corporation is taxed twice: once when the company
itself claims the income and again when the shareholders claim the income. | |
We choose to do our website on corporations because we were interested in finding out more about some of the major corpoations
out there today and how they were formed.
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