A corporation is a type of business structure established under the laws of a state that allows for a group of people to act as a separate legal entity. This type of structure provides many advantages, such as limited liability and the ability for shareholders to remain anonymous. It also allows for the transfer of ownership and facilitating the growth of businesses through investments. Corporations typically require more paperwork and tax filings than other types of business entities, but ultimately offer powerful protections against personal liability for debts and losses incurred by the business itself. For these reasons and more, corporations have become an essential part of the global business landscape.