Corp

Corp is the common abbreviation for corporation, a type of legal entity that is separate from its owners. As a corporation, the entity has legal personality, can own property, enter contracts, sue and be sued, and can continue beyond the lifespan of its shareholders.

Corporations provide limited liability, meaning owners' liability is typically limited to their investment. They are managed by a board of directors elected by shareholders, with officers appointed to run day-to-day operations. Ownership is represented by shares that are usually transferable, enabling easier capital formation and liquidity. A corporation is formed by filing articles of incorporation or charter with a governmental authority, adopting bylaws, and meeting ongoing formalities such as annual meetings and reporting.

Tax treatment varies by jurisdiction. In the United States, C corporations face corporate income tax and may be subject to double taxation on distributed profits; S corporations provide pass-through taxation but are subject to eligibility rules. Other countries have different frameworks for corporate taxation and reporting.

Corporations can be private or public, domestic or foreign, and can take various forms, including professional corporations and nonprofit corporations. The term Corp or Corp. is often used in business names to indicate incorporation, with style differences such as a trailing period depending on local conventions.

Because of the distinct legal standing, corporations operate under corporate law, which governs formation, governance, fiduciary duties, and dissolution. The concept of corporate personhood, while debated, recognizes corporations as entities capable of certain legal rights and responsibilities.