Which of the following business types is owned by the shareholders and formed under legal guidelines? A. Cooperative B. Sole proprietorship C. Corporation D. Franchise.
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Which of the following business types is owned by the shareholders and formed under legal guidelines? A. Cooperative B. Sole proprietorship C. Corporation D. Franchise.
The correct answer is C. Corporation.
A corporation is a business type that is owned by shareholders and formed under specific legal guidelines. It is recognized as a separate legal entity from its owners, meaning it can enter contracts, sue, and be sued. Shareholders own shares in the corporation, which gives them certain rights and responsibilities. This structure also provides limited liability protection to its owners.