14. is a business that is a legal entity that is separate and distinct from the shareholders who own it, from the individuals who manage it, and from its employees. This type of business organization is created by law and organized to carry on a business for profit or nonprofit. 15. is the concept that distinguishes a corporation from partnerships and sole proprietorships. 16. the most common type of corporate legal structure. The Internal Revenue Service (IRS) calls this type a 17. is the type of corporation used by nonprofit organizations that wish to obtain the limited liability protection offered by a corporation. 18. is a type of corporation is a small, company-type of corporation that has limited liability and only a few shareholders; tax liability on profits is passed on to the shareholders. The Internal Revenue Service (IRS) called it subchapter S corporation (Scorporation). 19. are nonprofit corporations that exist to benefit their owners-users by allowing them to band together to buy and sell so they can lower their costs and increase their revenues. 20. List three steps of incorporation. a. b. C. 21. this advantage is an important characteristics of corporation in which liability is limited for the shareholders and the corporation. 22. An advantage of a corporation which states that a corporation states that a corporation can exist as long as shareholders support it and it fulfills the requirements of the law; ultimately, a corporation can operate in perpetuity