What is a corporation for profit?

A corporation for profit is defined as an artificial person created by law. This means that it is a legal entity that is separate from its owners (shareholders) and can, therefore, engage in activities such as entering contracts, suing or being sued, and owning property in its name. The structure allows corporations to limit the liability of their shareholders, meaning that shareholders are typically only responsible for the corporation's debts and liabilities to the extent of their investment in the company, protecting their personal assets.

This legal separation provided by the corporate structure is crucial because it facilitates business operations on a larger scale and attracts investment, knowing that personal assets won't be at risk. The other options do not accurately describe a corporation for profit, as they refer to different business structures that do not encompass the full legal persona and liability limitations offered by a corporation.