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A legal entity that is separate from its owners and can make a profit, pay taxes, and be held legally liable.

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A corporation is a legal entity recognized by law as separate from its owners. It has rights, privileges, and liabilities, can own assets, incur debt, and engage in legal actions. Corporations conduct business, raise capital through stock issuance, and are taxed on their profits. Shareholders have limited liability for the corporation's debts.
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