A corporation is formed through the state you live in, but before you can form a corporation you must first have a name that is already registered with your government agency. Your corporation must have at least one owner; owners can be called shareholders or stock holders. You don’t need a big business to have a corporation but some prefer to have a larger more established business to be called a corporation. Corporation only exist because of a statute called the Business corporation act (BCA), corporations are formal businesses associated with a publicly registered charter. Corporations are the most complex than any other business structure because they tend to have more costly administrative fees and taxes that go with their legal requirements, that also the reason you only see bigger businesses with a corporation because they can afford it. Corporation owner should keep their business and personal expenses separate, because of tax reasons; your corporation tax identification number will be different from your own personal tax identification number. Some advantages of owning a corporation would be limited liability; responsibilities for business debts and actions, corporations, shareholders personal assets are protected. Corporations also have the ability to generate capital, they have an advantage in raising money for their business because the can raise money through the sale of their stocks. The corporate tax treatment, the corporation files taxes separately from their owners , because owner only pay taxes on their corporate profit paid to them by salaries, bonuses, and dividends. Corporations are also good at attracting high quality and energetic employees because of their wages, benefits and stock option. Some disadvantages would be Time and money, Corporations are costly and time consuming to start and operate. Corporations are sometime double taxed because of profit and dividends. There may even be additional paper work for corporation because of the regulations of your state.