Who Owns Corporations?

A corporate entity is a legally recognized organization such as a corporation, limited liability company (LLC), or partnership that exists separately from its owners or shareholders. As a distinct legal person, it possesses its own legal rights and responsibilities, enabling it to enter into contracts, own property, incur debts, sue or be sued, and pay taxes independently of its owners. One of the primary advantages of this structure is limited liability, which protects the personal assets of shareholders or members from the debts and obligations of the business.