Question

An owner-operator family farm organized as a _______________ is owned by its shareholders and chartered and regulated under _______________ law.

Options:
A) Corporation; Corporate
B) Partnership; Partnership
C) Cooperative; Cooperative
D) Limited Liability Company (LLC); LLC

Answer 1

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.