CORPORATION
A corporation is the most complex form of business organization. It is an artificial legal entity that exists separately from its owners. A corporation must file incorporation papers with the Secretary of State .
Advantages:
– Investors are not liable for any claims beyond the amount of their investment
– The corporation’s continuity is unaffected by death or transfer of shares
– Capital may be raised by many methods
Disadvantages:
– Extensive record-keeping and close regulation- Annual tax
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