Technically, the corporation is considered separate and distinct from its owners. Corporations generally issue stock. Stock may be traded and held publicly, as is the case with corporations you find on one of the national stock exchanges. Or, the stock may be held privately; family-owned businesses that are not traded publicly fall into this category.
Though the legal entity exists separately from ownership, in modern-day corporate law, owners may still be held liable for actions of the corporation that are considered negligent or fraudulent actions on the part of the corporation. Courts in recent years have been more open to considering owners personally liable for certain acts of the corporation.