Corporation

A Corporation is a type of business company. They first arose during the Industrial Revolution, when widespread industrialization expanded the possibilities for private enterprise. Many corporations are still engaged in heavy industries such as refining and steel. The modern world is now dominated by many multinational corporations which are involved in diverse industries.

The distinguishing feature of a corporation is that it is a separate legal entity from its owners. It has legal rights and obligations and is taxed on its earnings. When one sues at corporation, it is the business corporation, not it's shareholders, that is party to the suit.

There are many different types of coporations in the United States and throughout the world. In the USA, the two major types of corporations are 'C' Corporations and 'S' Corporations. These names are derived from the tax code. 'C' corporations are traditonal corporations with few restrictions on number of shareholders, ownership of or by other corporations and where they do business. 'S' corporations are, from a tax point of view, proprieterships or partnerships, but are allowed to incorporate to provide a legal separation between the owner and the business.