In business, a corporation is a lawful entity that is actually distinct from its owners. It can be created by a group of people who share the same goal or an individual. According to the law, a corporation can possess many of the same responsibilities and rights as individuals. A corporation can engage in loans, contracts, borrowing funds, recruit workers or employees, own assets and pay taxes; it can sue and also hold chances of being sued. But it always comes with limited liability, i.e. its shareholders will not be personally accountable for the debts incurred by the company.