What is a corporation? It is a separate entity that someone establishes with the state in which the business is located. This entity is setup to act on it its own and to deal transactions on it’s own. These transactions are initiated by offices or owners of the corporation but not done for the benefit of anything or anyone else except the corporation entity that was setup. The corporation was setup as a different entity and given an ID number called an employer identification number or EIN as most people refer to it as. This entity can also get a bank account, file tax returns, etc. Everything you would do as a separate person, you can do as a separate corporation. It’s something that everyone should form if they are running a business.
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