A corporation is a nonhuman entity. Corporations exist because of a statute known as the Business Corporation Act (BCA). A corporation exists entirely separate and apart from its owners. Virtually all the legal and tax advantages associated with corporations flow from this essential element. Corporations must have at least one owner, but there is no upper limit. The owners are called shareholders or stockholders. The ownership interests of the shareholders in a corporation are divided into units called stock, shares, or shares of stock. The rules governing corporations along with the advantages and disadvantages apply equally to corporations owned by one or more than one shareholder.