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.

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Acronyms:

Corp.