A corporation is a legal entity that is separate from its owners, known as shareholders or stockholders. It is one of the most common and widely recognized forms of business structure. Here are the key characteristics and features of a corporation:

There are different types of corporations, including C corporations and S corporations in the United States, each with its own tax implications and ownership restrictions. C corporations are the most common type of corporation and are subject to double taxation, where both the corporation's profits and the dividends distributed to shareholders are taxed. S corporations, on the other hand, pass profits and losses through to the shareholders' personal income tax returns and are subject to certain restrictions, such as a limit on the number of shareholders and restrictions on foreign ownership.

Corporations are often chosen by businesses seeking to raise substantial capital, protect shareholders from personal liability, and establish a formal and structured management hierarchy. It's essential to consult with legal and financial professionals when considering the formation of a corporation to ensure compliance with legal requirements and to determine if it's the most suitable business structure for your specific needs.