The best description of a corporation is:

a. A corporation is a legal entity that exists separately and independently of any shareholder or director, provides limited liability to investors and is organized under federal laws for establishing a valid legal corporation.

b. A corporation is a legal entity formed under state law and expires after 100 years unless it is renewed by its shareholders.

c. A corporation is a collection of shareholders that has limited liability and lasts until every shareholder has died.

d. A corporation is a separate legal entity independent from its shareholders or directors, is organized under state law and enjoys limited liability for its shareholders though in some instances individual liability may be imposed.