corporated

Corporation is a legal entity created by incorporation, typically under state law, that has its own rights and obligations separate from those of its shareholders. A corporation is generally considered a separate entity from its shareholders, which provides liability protection to the shareholders and allows for easier transfer of ownership.

Incorporation is typically formed for the purpose of engaging in business and making profits, but it can also be used for other purposes such as holding assets or serving a social mission. The process of incorporation typically involves filing articles of incorporation with the relevant state authority, complying with other state and federal regulations, and obtaining a federal tax ID number.

A corporation can have a single shareholder or thousands of shareholders. The shareholders own the corporation and elect the board of directors to manage the business. The board of directors typically appoints a CEO or president to run the day-to-day operations of the corporation.

Corporations can be for-profit or non-profit, and they are governed by a set of laws and regulations that vary by state. The most common types of corporations are C corporations and S corporations. C corporations are subject to double taxation, meaning the corporation is taxed on its profits and the shareholders are taxed on dividends received. S corporations are taxed on the business income only once, at the shareholder level.

The articles of incorporation and bylaws set out the rules and procedures for the corporation, including the powers and duties of the board of directors and officers. Any significant changes to the corporation's operations or structure must be approved by the shareholders or board of directors, depending on the corporate charter or bylaws.