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What Is a Corporation? Explain the Advantages and the Disadvantages

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Essay

What is a corporation? Explain the advantages and the disadvantages of a corporation.


Definitions:

Liable

The state of being legally responsible for something, particularly in the context of obligations or debts.

Void

A term describing a contract or agreement that lacks legal validity and enforceability from the outset.

Mentally Impaired

Refers to individuals experiencing a decrease in cognitive, emotional or behavioral functioning, which impacts their ability to participate in daily activities.

Voidable

A term used in law to describe a transaction or agreement that is valid and enforceable on the face of it, but may be rejected or canceled by one of the parties involved due to certain defects or circumstances.

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