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Corporations 101: What You Need to Know About the Standard Business Entity

from David B. Mandell, JD, MBA, and Jason M. O'Dell, MS, CWM

A corporation is a legal entity owned by shareholders who elect a board of directors that sets policies for the corporation, allowing the selected officers to run the corporation day-to-day. Many design firm owners use a corporation as part of their corporate structure — either for the main business or for ancillary business units. In this article, we examine the basics of corporations, with a focus on their asset protection benefits and weaknesses. more

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