"Incorporated" refers to the legal process of forming a corporation, which is a distinct legal entity separate from its owners. This process allows businesses to operate under a specific set of regulations and provides limited liability protection to its shareholders, meaning their personal assets are generally protected from business debts and liabilities. When a business is incorporated, it can raise capital more easily by selling shares of stock. Additionally, incorporated businesses often enjoy certain tax benefits and can continue to exist independently of the owners, allowing for easier transfer of ownership. This structure is commonly used by companies like Apple and Microsoft.