Final answer:
The correct answer to the student's question is option A) Corporation; Corporate, as a corporation is owned by shareholders and regulated under corporate law.
Step-by-step explanation:
An owner-operator family farm organized as a corporation is owned by its shareholders and chartered and regulated under corporate law. Therefore, the correct answer to the student's question is option A) Corporation; Corporate.
A private company can be structured in various ways including a sole proprietorship, which is run by an individual, or a partnership, which is run by a group. When a private company issues stock that can be bought and sold by financial investors, and the company is owned by its shareholders, it is known as a corporation. Notable examples of large private corporations with no publicly issued stock are Cargill, Mars, and Bechtel.