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The video provides a brief overview of what a corporation is, explaining its basic definition and significance in the business world.

What is a corporation primarily defined as?

• A non-profit organization

• A small business owned by one person

• A legal entity separate from its owners

• A type of partnership

Which of the following is a key role within a corporation?

• Independent contractor

• Freelancer

• Board of directors

• Sole proprietor

What is one advantage of forming a corporation?

• Limited liability for owners

• Unlimited liability

• Easier management

• Simplified tax filing

Which of the following is a disadvantage of a corporation?

• Lack of continuity

• Limited access to capital

• Difficulty in transferring ownership

• Double taxation

How does a corporation differ from a sole proprietorship?

• It is easier to establish

• It offers limited liability

• It has fewer regulations

• It is owned by a single individual