A corporation is a business chartered by a state or the federal government that enjoys limited liability and has unlimited life. It is a business organization owned by its stockholders. As compared to the proprietorship and partnership forms, the corporation offers the following advantages: limited liability, unlimited life, and the ease of transfer to a new owner. The greatest disadvantages of the corporation are that it is costly to organize and it may be subject …showed first 75 words of 244 total…

…showed last 75 words of 244 total…corporation is a special type of category of corporation that does not have to pay corporate income taxes. The proprietorship is the most commonform of business in the United States. It is a business that is owned and run by one individual, the proprietor. Those who choose to organize their businessesas proprietorships do so for two reasons: the businesses are easy to set up and close down, and they provide certain freedoms for theri owners.