Final answer:
A corporation is an organization with a legal identity separate from its owners and shareholders have limited liability compared to sole proprietorship or partnership.
Explanation:
Corporation is the term used to describe an organization with a legal identity separate from its owners that produces and trades. In a corporation, shareholders invest in the company and have limited liability personally. They are the owners of the corporation.
Unlike sole proprietorship or partnership, a corporation can issue stock to raise capital and has the ability to have publicly traded shares.
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