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 type of business organization that is owned by shareholders and must adhere to specific legal guidelines and regulations. It is treated as a separate legal entity from its owners, which means it can enter contracts, sue or be sued, and is responsible for its debts and obligations. In contrast, a cooperative is owned by its members, a sole proprietorship is owned by a single individual, and a franchise is a business model that allows individuals to operate a business using the name and systems of an established company.
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