(Optional) Summarize the legal requirements and the advantages and disadvantages of a corporation.

Summary should include the following points:

• A corporation requires a state charter.
• A corporation is a legal entity that exists separately from its owners.
• Investors in a corporation risk losing only what they have invested.
• Limited Liability Companies (LLC) differ from general business corporations.
• Corporations that are public are subject to a different level of scrutiny than private companies.
• Corporations must comply with applicable government rules and regulations.