Legal Forms of business 3)Corporation a business entity that legally functions separate and apart from its owners Owners lia bility is limited to the amount of their investment in the firm Owners hold common stock certificates and ownership can be transferred by selling the certificates3) Corporation • A business entity that legally functions separate and apart from its owners. • Owners’ liability is limited to the amount of their investment in the firm. • Owners hold common stock certificates, and ownership can be transferred by selling the certificates. Legal Forms of Business