Corporation is the form of business organization that offers limited liability to its owners.

Definition of Corporation:
A corporation is a legal entity that is separate from its owners. It is created by filing the necessary documents with the state government and is subject to specific laws and regulations. Corporations have their own rights and liabilities, and they can enter into contracts, own property, and engage in business activities.

Key Points:
- Limited liability is a key feature of a corporation. It means that the owners, also known as shareholders or stockholders, are not personally responsible for the debts and obligations of the corporation.
- This means that if the corporation fails or is sued, the shareholders' personal assets are generally protected from being used to satisfy the corporation's debts.
- Shareholders are only liable for the amount of money they have invested in the corporation, typically the value of their shares.
- This limited liability protection is one of the main reasons why many entrepreneurs and investors choose to form corporations.

Advantages of a Corporation:
- Limited liability: As mentioned earlier, shareholders are not personally responsible for the corporation's debts and obligations.
- Perpetual existence: A corporation has a separate legal existence and can continue to exist even if the shareholders change or die.
- Easy transferability of ownership: Shares of a corporation can be easily bought and sold, allowing for the transfer of ownership without disrupting the business operations.
- Access to capital: Corporations have more options for raising capital, such as issuing stocks and bonds, which can attract investors and raise funds for business expansion.
- Credibility and prestige: Corporations often have a higher level of credibility and prestige compared to other forms of business organizations, which can be beneficial in attracting customers, partners, and employees.

In conclusion, a corporation offers limited liability to its owners, which means that their personal assets are protected from the debts and obligations of the corporation. This makes it an attractive form of business organization for entrepreneurs and investors.