{"id":82,"date":"2023-06-04T19:14:05","date_gmt":"2023-06-05T03:14:05","guid":{"rendered":"https:\/\/mcquillanhohman.com\/?p=82"},"modified":"2023-10-12T10:58:30","modified_gmt":"2023-10-12T18:58:30","slug":"what-is-a-corporation","status":"publish","type":"post","link":"https:\/\/mcquillanhohman.com\/business-formation\/what-is-a-corporation\/","title":{"rendered":"What Is a Corporation?"},"content":{"rendered":"\n<p>A corporation is a type of business recognized by law as a single entity that\u2019s separate from its owners (or shareholders)<\/p>\n\n\n\n<p>A corporation has many of the same legal rights and responsibilities as a person.<\/p>\n\n\n\n<ul>\n<li>It can:\n<ul>\n<li>enter contracts<\/li>\n\n\n\n<li>hire employees<\/li>\n\n\n\n<li>pay taxes<\/li>\n\n\n\n<li>loan or borrow money<\/li>\n\n\n\n<li>sue or be sued<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>A corporation is created (incorporated) by its owner(s) according to the laws of the state where it will operate<\/p>\n\n\n\n<p>Owners who decide to incorporate generally do so to obtain limited liability, a primary benefit of being a corporation<\/p>\n\n\n\n<ul>\n<li>Limited liability for a corporation means that individual owners are not held personally liable for the corporation\u2019s actions or debts beyond the amount of their financial investment in the business.<\/li>\n<\/ul>\n\n\n\n<p><em>If you\u2019ve decided to form a corporation, your next step is to decide whether to be a <strong><a href=\"https:\/\/mcquillanhohman.com\/business-formation\/what-is-the-difference-between-a-c-corporation-and-a-s-corporation\/\" data-type=\"post\" data-id=\"64\">\u201cC\u201d corporation or an \u201cS\u201d corporation<\/a>.<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A corporation is a type of business recognized by law as a single entity that\u2019s separate from its owners (or shareholders) A corporation has many of the same legal rights and responsibilities as a person. A corporation is created (incorporated) by its owner(s) according to the laws of the state where it will operate Owners [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":151,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[27],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/mcquillanhohman.com\/wp-content\/uploads\/2023\/06\/juneau-363789_1280-e1685938181784.jpg","_links":{"self":[{"href":"https:\/\/mcquillanhohman.com\/wp-json\/wp\/v2\/posts\/82"}],"collection":[{"href":"https:\/\/mcquillanhohman.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mcquillanhohman.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mcquillanhohman.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/mcquillanhohman.com\/wp-json\/wp\/v2\/comments?post=82"}],"version-history":[{"count":15,"href":"https:\/\/mcquillanhohman.com\/wp-json\/wp\/v2\/posts\/82\/revisions"}],"predecessor-version":[{"id":749,"href":"https:\/\/mcquillanhohman.com\/wp-json\/wp\/v2\/posts\/82\/revisions\/749"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mcquillanhohman.com\/wp-json\/wp\/v2\/media\/151"}],"wp:attachment":[{"href":"https:\/\/mcquillanhohman.com\/wp-json\/wp\/v2\/media?parent=82"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mcquillanhohman.com\/wp-json\/wp\/v2\/categories?post=82"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mcquillanhohman.com\/wp-json\/wp\/v2\/tags?post=82"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}