A Corporation may be owned by one or more persons. Owners are called “shareholders.” It is created by filing Articles of Incorporation with the Secretary of State. Corporations have officers elected by a board of directors that are elected by the shareholders. Corporations operate by a set of rules called “bylaws,” which are drafted by the company and adopted by the shareholders. Bylaws are not filed with the State. Shareholders of a corporation are not personally liable for the obligations of the company.