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A corporation has the ability to enter into contracts, incur liabilities, and buy, sell, or own assets in its corporate name. These provisions can be found in the charter or articles of incorporation. Ownership of a corporation is divided into shares of stock. Stocks can be issued in different classes. All shares of stock in the same class have identical rights and privileges. The buying and selling of shares does not effect the business activities of the corporation. Shareholders' liability is limited to the amount they invested.
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