The statement is true. A corporation is a big company that is owned by many people but is considered an individual by the government.
Explanation:
A corporation is a permanent association of persons, which pursues a supra-individual purpose and whose existence is independent of the change of the members. It is a legal form of business organization in America, and the reference to status (abbreviated as Corp., with the adjective incorporated, abbreviated as Inc.) often appears in the name of this type of company, which may be public or private and may or may not be listed on the stock exchange.
A corporation differs from other associations of people in that its existence continues to exist even if the people who make up its collective resign. In order for an association to be regarded as a corporation, it must have statutes.
