property
corporation
A corporation is a legal entity created under state law that exists separately from its shareholders. It can buy, hold, and sell real estate in its own name, and it owns property in severalty because it is a single legal person. Shareholders generally have limited liability for corporate debts. A traditional C corporation's profits may be taxed twice, once at the corporate level and again when distributed as dividends.
- Exam tip
- Because a corporation can exist indefinitely, it cannot hold title as a joint tenant (no survivorship). Remember "double taxation" for C corporations versus pass-through entities.
- Example
- ABC Properties, Inc. buys an office building; title is held in the corporation's name, and if a shareholder dies the building is unaffected.
Related terms & state variants
Sources
Source verification pending. Confirm current requirements with your state regulator.
Last verified: 2026-10-23