A Corporation is a common form of business entity. The owners of the corporation are the shareholders who elect a board of directors. The board of directors manages the affairs of the corporation and elects the officers to manage day-to-day operations. Sometimes a close corporation is used to avoid some of the formalities of a corporation and the shareholders can still have limited personal liability. Considerations to use a S-corporation or C-corporation depend on the tax objectives. A corporation should have a Shareholders Agreement, which outlines the shareholders’ rights and obligations to the corporation and to each other.