Corporation Definition - What is Corporation?

Corporation definition. Analyzing the definition of key term often provides more insight about concepts. Corporation can be defined as: Business that is a separate legal entity under state or federal laws with owners called shareholders or stockholders. A corporation basically has some rights generally only given to humans like the right to own property. One of the benefits of this right is that it results in liability protection for the owner, the owners personal assets having more protection under a corporation then under a sole proprietorship or general partnership. The downside is that with the right granted to the corporation of ownership comes the responsibility to pay taxes. Corporations are typically taxed at both the corporate level and at the individual level at the point of distribution, at the point of dividend.
Why Learn Accounting - Financial Accounting / Managerial Accounting

101 Double Entry Accounting System Explained - Accounting Equation

101 Cash vs Accrual - Cash Method / Accrual method differenc

101 Revenue Recognition Principle

Double Entry Accounting System Explained - Balance Sheet

101 Income Statement Introduction

101 Accounting Objectives - Relevance Reliability Comparability

101 Transaction Rules - Accounting Equation

101 Transaction Throught Process / Steps - Accounting Equation

101 Owner Deposits Cash Transaction Accounting Equation

101 Work Completed for Cash Transaction Accounting Equation

100.110 Pay Employee with Cash Transaction Accounting Equati

200 Debits & Credits Normal Balance - Double Entry Accounting Sy

200 Debits & Credits - One Rule to Rule Them All

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