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A corporation is a group of persons that sit together to make and run a business. This business is considered an entirely different human and unrelated to the group that manages it. McDonald's Corporation is the world's biggest restaurant chain.
Because the government recognizes it as a company and not a person, the corporation must pay its taxes and conform to state and federal law. This difference between persons and corporations gives it special powers. A corporation's special powers are determined by the law of the country in which the corporation is set up.