What is a corporation?

A corporation is a more complex business structure generally. It is a legal entity separate from its owners, called "shareholders," who own shares of stock in the company. For "regular" or C corporations (often used for large and publicly traded companies), profits are taxed both at the corporate level and again when distributed to shareholders. This is the tax disadvantage which is avoided by the "pass through" entities such as LLCs and S corporations.

Answer provided by Chuck Roach - Roach Law Office