Updated 15 days ago
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Of the various forms of business organizations, the business corporation is the most sophisticated and common form of business ownership for most Canadian business owners. The following represents an overview of the key benefits and costs of incorporating a business corporation... A corporation is treated as a separate legal person from its owners. In many respects, a corporation has the same legal status a natural person. For example, a corporation can sue and be sued, borrow and lend money, enter into contracts in its own name, and become accountable for taxes. Unlike sole proprietorships and partnerships, the owners of a company are not generally personally liable for the actions of the business. A properly incorporated business can be a highly effective tool for protecting a business owner's personal assets from the liabilities of the business... A business corporation offers the most flexible means of shared ownership. Unlike other forms of business organizations, ownership of a..