Although a corporation does not have all the rights of a natural person, they do have many of them. Because of this, a corporation can buy, operated and sell businesses; hire & fire people; buy and sell other entities; open up bank accounts; take out loans; it can even commit a sort of corporate suicide known as voluntary dissolution.
However, to continue to retain these rights, a corporation must follow its state’s rules to remain an active corporation. If a corporation is not considered active, then the corporation is essentially considered ‘dead’ and loses its rights. It is then, that a corporation’s veil can be pierced, subjecting its owners (shareholders) to potentially personal liability.