Corporations Defined   Corporations Defined   The following
information deals primarily with the small, privately owned
corporation. It assumes that all of the corporate stock is owned
by one person or a few people, and that all shareholders are
actively involved in the management of the business -- with the
possible exception of friends and relatives who have provided
seed money in exchange for stock. Because there are many
complexities involved in selling stock to the public, this
article does not discuss public corporations.  The most
important feature of a corporation is that, legally, it's a
separate entity from the individuals who own or operate it. You
may own all the stock of your corporation, and you may be its
only employee, but -- if you follow sensible organizational and
operating procedures -- you and your corporation are separate
legal entities.  All states but Arizona have adopted legislation
that permits a corporation to be formed by a single
incorporator. All states permit a corporate board t