Purpose of a Corporation

A corporation is a legal entity that allows a group of people to come together to conduct business as a single entity. Its purpose is to produce goods or provide services, generate profits, and grow the enterprise. By forming a corporation, owners benefit from limited liability, meaning their personal assets are protected if the business faces financial difficulties. Corporations can also access easier avenues for raising money through investors and can continue operating independently of changes in ownership. Overall, a corporation helps organize and manage a business efficiently, providing structure, protection, and opportunities for growth.