Intro to Business › Section D · Forms of business ownership › Topic D.3
Corporations and limited liability
A corporation is a business that the law treats as a person in its own right. That one idea lets owners limit what they can lose, lets ownership change hands freely and lets firms grow to enormous size, at the price of more rules and, often, a second layer of tax.
In this topic
- A legal person of its own
- How a corporation is formed
- Shareholders, directors and officers
- Worked example: limited liability and votes
- Advantages of the corporate form
- Disadvantages of the corporate form
- Worked example: double taxation
- Types of corporations
- Limits to limited liability
- Common mistakes to avoid
- Key takeaways
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