A corporation is an artificial being created by operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incident to its existence.Strong Separate Personality: The corporation is completely insulated from its owners. Its debts are not the debts of its stockholders or directors (and vice-versa), unless the corporate veil is pierced for fraud.Right of Succession: A corporation continues to exist uninterrupted regardless of the death, withdrawal, or insolvency of its individual stockholders or board directors.Management Structure: Authority is centralized. It is managed by a Board of Directors or Trustees elected by the stockholders, rather than being managed directly by the owners.Limited Liability: Stockholders risk only the money they invested to purchase shares. Their personal assets cannot be seized to pay off corporate debts.
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