What are the advantages and disadvantages of owning a corporation?

One of the main advantages of a corporation is that the shareholders are protected by the principle of limited liability. The owners or shareholders are only liable for amounts not exceeding their investment in the corporation. Thus, their privately owned property is protected from liability arising from the corporation.
Publicly traded corporations can raise capital through the issuing of shares and bonds. Thus, the corporation’s ability to raise financing is not limited. Another benefit is that the shares of a publicly traded corporation are easily transferable through the stock market.
A disadvantage of corporations is that the organization may suffer from double taxation where both incomes and dividends are taxed. However, the situation depends on the type of corporation formed.
Although the corporation’s management aims at increasing the benefits to the shareholders, sometimes the relationship suffers from a conflict of interest where both parties fight for maximum benefits.