Corporation - Definition
In a For-Profit Corporation management and control is exercised through shareholders, directors and officers who have very little limited personal liability. The board sets policy and controls the president. Officers conduct day-to-day operations
For tax purposes, this type of corporation must meet certain IRS rules depending on the tax designation.
For more information, please contact the Corporation's Division at (202) 442-4400; option #5, 1100 4th Street, SW, 2nd Floor, Washington, DC 20024.