Final answer:
The term 'person' in the context of business entities includes associations, corporations, and business trusts, but not organizational trusts. A corporation is recognized as a single legal entity. Private companies can be sole proprietorships, general partnerships, or corporations without publicly issued stock.
Step-by-step explanation:
The term "person" does not specifically refer to an "organizational trust" when it comes to different forms of business entities. In legal and business contexts, a person can be an association, a corporation, or a business trust, all of which are recognized as potential legal entities. A corporation is a group of people legally permitted to act as a single entity, primarily for profit-making purposes. The modern corporation as a legal entity is distinct from the individuals who work within it, providing a layer of liability protection. This concept originates from the Dutch East India Trading Company in the early modern West era.
There are various business formations including sole proprietorships, where an individual runs a private company, and general partnerships, where a group owns and operates a business, sharing responsibilities and profits. Private companies can also be corporations, but without publicly issued stock, encompassing both small and large organizations, such as Cargill and the Mars candy company.