| -> | | | | status. They include having a board of directors |
| A corporation is a legal entity that separates the | | | | that is responsible for the operation and |
| persons owning or operating a business from the | | | | governance of the corporation in accordance with |
| actual business itself. They are set up to protect | | | | the state in which it is incorporated. Shareholders |
| individuals from a range of possible damages and | | | | of the corporation elect the board of directors |
| obligations that might occur as a result of doing | | | | and the board then assume what is called the |
| business. Unlike other forms of business | | | | fiduciary responsible to put the interests of the |
| registration the owners of a corporation have no | | | | corporation first in all decisions and deliberations. |
| responsibility for the debts of the business and | | | | Most corporations have a Chief Executive Officer |
| their liability is limited to the number of shares that | | | | or President who is the spokesperson for the |
| they hold in that corporation. | | | | corporation in all public matters and a treasurer |
| Corporation law has been around for a long time | | | | who is responsible for maintaining the good |
| and the oldest corporation in the United States is | | | | financial health of the organization. Other officer |
| the Harvard Corporation which was established in | | | | positions may be created by the corporation as |
| 1650 to look after the business affairs of Harvard | | | | provided for under the applicable corporation law. |
| University. The act of incorporation is the basic of | | | | Corporations are created by filing articles of |
| all corporation law and in addition to provided | | | | incorporation with the government and these |
| limited liability for owners and shareholders this | | | | articles contain information about the general |
| type of business registration is very common for | | | | intent of the corporation, the number of shares |
| all large and medium sized companies in the Unites | | | | that the corporation intends to issue and the |
| States. | | | | addresses and names of corporate directors. |
| Along with the provision of limited liability | | | | After approval by the regulatory body the board |
| corporation law also sets out a series of | | | | of directors of the corporation meets to create |
| standards and regulations that corporations must | | | | the bylaws of the corporation and proceed to |
| adhere to in order to maintain their incorporated | | | | open for business. |