👉 A corporation is a legal entity that operates in an organized business structure. It consists of a board of directors, management, shareholders, and employees. Corporations are typically owned by individuals or companies, with the goal of maximizing profits through various means such as production, sales, marketing, distribution, and investments. Corporate governance is the process by which corporations operate within their respective legal frameworks, including laws, regulations, and ethical standards. This includes setting up policies and procedures for management, ensuring compliance with laws