👉 The concept of a corporation can be defined as a legal entity that is organized to engage in business activities and carry out its operations under the control and management of a single owner or group of owners. It typically includes members who are granted rights, privileges, and responsibilities for their participation in the organization's affairs and decisions. In essence, a corporation is an independent economic entity with its own legal personality and operates on its own balance sheet, without any external government intervention. Its primary purpose is to maximize profits
