A "C corporation" is the classic type of corporation, also known as a "regular corporation." The business is an entity or "person" in its own right, and has the right to buy property, hire employees, and sign contracts. The business is owned by its stockholders, but stockholders are not personally liable for the business's debts, torts, or other liabilities. Corporate profits are taxed at the entity level, by corporate income tax, and then taxed again at the individual level when paid out as dividends to shareholders.