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The corporation is created and regulated by state law and there are requirements that must be met prior to operating as a corporation. The corporation is a legal and tax entity separate from any of the people who own, control, manage or operate it. The corporation has been referred to as a legal “person” meaning that is it capable of entering into contracts, incurring debts, and paying taxes separately from its owners (shareholders).
Some of the advantages of the corporation:
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By: Michael Schiller