system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5:What's the difference between a Business and a Corporation?
gpt
A corporation is just an organizational structure that someone may choose when starting their business. The corporate structure has advantages and disadvantages; an advantage is limited liability for owners, meaning an owner (stockholders) is only liable for the money they willingly give to a company. The stockholders are not personally liable for any of the corporation's debts. Personal assets are also protected from a legal standpoint, so long as they aren't obtained illegally through the company.

A disadvantage of the corporate structure is double taxation. Because a corporation is its own legal entity, it is responsible for paying taxes. A corporation pays income tax, then the owners again pay taxes when corporate income is paid out in the form of dividends.