Final answer:
Organizations owned by individuals or stockholders include private companies, sole proprietorships, partnerships, and public companies. Private companies can be large or small and are usually run by their owners, whereas public companies have shareholders and a board of directors.
Step-by-step explanation:
Organizations owned either privately by one or more individuals or publicly by stockholders can take different forms. A private company is often managed by its owners daily, while a corporation may have hired managers for this task. A company entirely owned by an individual is known as a sole proprietorship. When ownership extends to a group operating the business, it is identified as a partnership.
If a firm opts to go public by selling stock, it transforms into a public company, with financial investors becoming shareholders. These shareholders have the power to elect a board of directors responsible for selecting and supervising the company's top management. This structure, part of what economists refer to as corporate governance, is intended to oversee and hold executives accountable, although it's acknowledged that it might not always function effectively.
Certain private companies, while not issuing public stock, can be substantial, like Cargill or the Mars candy company, showing that not all private corporations are small entities.