Correct spelling, explanation: both found and founded are correct, but the right form depends on the context. Found is the past tense and past participle of the verb to find and founded is the past tense and past participle of the verb to found. So, if you are talking about discovering something, you would use found, but if you are referring to the act of establishing or creating something, you would use founded.

Definition of found:
Past simple and past participle of find, discover, or perceive by chance or unexpectedly
After hours of searching, I finally found my misplaced wallet in the back pocket of my jeans.
The archaeologists found ancient artifacts buried beneath layers of soil, revealing a long-lost civilization.

Collocations with found:
Some most commonly used collocations include:
1. Found guilty: to be officially declared by a court as having committed a crime.
The defendant was found guilty of theft and sentenced to prison.
2. Found responsible: to be identified or acknowledged as the one accountable for a particular action or situation.
After a thorough investigation, the employee was found responsible for the data breach.
3. Found wanting: to be determined as lacking or insufficient in some aspect.
The project was found wanting in terms of budget planning, leading to delays.
4. Found a solution: to discover or devise an answer or resolution to a problem.
After hours of brainstorming, the team found a creative solution to the technical issue.

Correct spelling, explanation: the choice between founded and found depends on the context of your sentence and the specific meaning you want to convey. Use found when you are talking about the act of discovering or locating something. Use founded when you are discussing the establishment or creation of something, such as an organization, company, institution, etc. Remember that founded is the past tense and past participle of the verb to found.