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A corporation is a separate legal entity from the person or people that own it. The corporation, not the owner, enters into business deals, owns property, borrows money, and engages in other business dealings.
Because the corporation is involved in these business deals, you and your personal assets will, in many cases, be protected from liability if something goes wrong.
However, a corporation won't do several things. It cannot protect you from your own bad acts, it cannot protect you from things you personally guarantee, it cannot protect you from owing governmental trust fund taxes, it cannot protect you from some state laws, it cannot protect people in certain professions.
You should consult with your attorney or accountant about the benefits and advantages of the following types of corporations:
We have also provided this additional information for your use:
