Pertaining to corporations. Corporations are the most common form of business organization, and one which is chartered by a state and given many legal rights as an entity separate from its owners. This form of business is characterized by the limited liability of its owners, the issuance of shares of easily transferable stock, and existence as a going concern. The process of becoming a corporation, call incorporation, gives the firm separate legal standing from its owners and protects those owners from being personally liable in the event that the firm is sued (a condition known as limited liability).