A corporation is a separate legal entity that, in the UK, has been registered at Companies House. Incorporation brings with it certain rights and liabilities. Larger companies and public companies tend to be owned by a large number of shareholders who appoint a board of directors to run the company for them. Corporate governance of any form is a balancing act, in which the needs of owners, managers, staff, and customers have to be met. This form of governance, in which ownership and control have been separated, has a number of advantages and disadvantages.