What is a corporation? What advantages do corporations have over privately owned business?

There are several advantages to becoming a corporation, including the limited personal liability, easy transfer of ownership, business continuity, better access to capital and (depending on the corporation structure) occasional tax benefits.

Explanation:

Advantages of a corporation include personal liability protection, business security and continuity, and easier access to capital. Disadvantages of a corporation include it being time-consuming and subject to double taxation, as well as having rigid formalities and protocols to follow.

On October 25, 1774, the First Continental Congress sends a respectful petition to King George III to inform his majesty that if it had not been for the acts of oppression forced upon the colonies by the British Parliament, the American people would be standing behind British rule.