A corporation is a legal entity owned by its shareholders and operated by its board of directors. This business structure allows a company to act as a separate entity from its shareholders, providing limited liability for them. In other words, the owners aren't personally responsible for the corporation's debts or obligations, including legal liabilities. Corporations even possess many of the rights and responsibilities a person does. They can enter contracts, hire employees, own assets, pay taxes, sue or be sued, and borrow or lend money. Corporations are created when a group of shareholders (people who share ownership in a company) file ProductLink code="CINCRP" text="Articles of Incorporation" with the state government in its location. The shareholders then elect a board of directors to carry out the corporation's ProductLink code="BUSPLN" text="Business Plan". Part of this responsibility includes hiring and overseeing a senior management team that handles the day-to-day operations and keeping the shareholders up to date on the corporation's successes and failures. Essential documents you'll need when forming and organizing your corporation's structure include, but aren't limited to: Articles of Incorporation
Corporate Bylaws
Director’s Organizational Meeting
Director’s Resolution
Shareholder Agreement
Share Purchase Agreement