  Corporation - Definition Definition: A corporation is a legal entity created by one or more persons. This entity offers limited liability status that prevents the owners from being personally responsible for the debts of the company. A corporation also has the ability to issue stock to its owners. The act of forming a corporation is known as "incorporating." TeenAnalyst Advice: If you're thinking about forming a corporation, it's important to know all the advantages and disadvantages. For example, corporations are double-taxed, which means that when the company makes money, it has to pay a corporate tax. After it has paid a corporate tax, the owners have to pay an income tax on their share of what's left over. Related Sections
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