A corporation (from Latin corpus meaning body) is an entity that has special legal status, in that it is given some of the rights of a human person. Like people, corporations can hold assets and debt; pay taxes; sue and be sued; declare bankruptcy; and sign contracts. A corporation has a legal "personality" that is distinct from its members (shareholders). As such, the shareholders enjoy limited liability for the debts and obligations of their corporation.
There are many different types of corporations, including charities and some units of government. This website is concerned with for-profit business corporations.