<Techically the Corporation owns the company yes?>

Close but I think you might be on the right track.

In almost all cases the company exists before it becomes public and stock issued. And if all shares were bought back by the corporation, the company could still remain as a private entity.

Hence, shareholders can come and they can go. The company does not necessarily need shareholders to exist. While issuing stock is a good way to obtain an infusion of capital, it is not the only way to raise capital.

From the above it would seem that the shareholders may own the corporation, but not necessarily the company. Perhaps the reason shareholder's rights are not the same as the rights of an owner of a company?

Opty