This article applies Ayn Rand's insights in metaphysics and epistemology to the question What is a corporation? Historically, there have been three main answers: the fictional entity theory, the aggregate theory, and the real entity theory. Drawing principally upon Rand's discussion of the nature of entities in her epistemology workshops, this article proposes a fourth possibility. The preceding theories assume that if a corporation is an entity it must exist as a separate entity. The theory defended in this article challenges this assumption, and considers the implications for the moral and political status of corporations.