Final answer:
Gerrilyn is working for a corporation, a type of company where owners are shareholders and are not personally liable for debts; it is considered a separate legal entity.
Step-by-step explanation:
Gerrilyn works for a business firm that manufactures breakfast cereal. This firm is owned by many individuals who are not personally responsible for any debts or losses incurred by the firm. Based on the description, that the firm is legally considered a separate artificial person and owners are not personally liable, it indicates that the firm operates as a corporation. In this scenario, Gerrilyn is working for a corporation.
A private company can take various forms. When owned by an individual and run on a day-to-day basis, it's known as a sole proprietorship. If run by a group, it's called a partnership. However, if the firm sells stock that financial investors can buy and is owned by its shareholders, who elect a board of directors, it is a public company and operates as a corporation, which aligns with the description of the firm Gerrilyn works for.