Corporation

Accounting Terms Dictionary

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Corporation

A separate legal entity that conducts a business.

When a business wants to limit its liability, it will file legal papers with the secretary of state of any of our 50 states to become a separate entity. Being a corporation will involve double taxation and much government regulation, but in return the legal designation can help protect the owners’ personal assets from being seized in legal proceedings against the business. S corporations, C corporations, and Limited Liability Companies are all types of corporations.

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