Final answer:
An account can be owned by an individual or a business entity, which can take the form of a sole proprietorship, partnership, or corporation, with each structure affecting the owners' control and liabilities.
Step-by-step explanation:
The subject of this question pertains to types of business ownership structures and how they influence the control and liabilities of a company. Specifically, the question addresses that an account can be owned by either a single individual or a business entity. A private company, frequently run by those actively managing it on a day-to-day basis, could be organized as a sole proprietorship if owned by an individual. This structure implies that the owner is personally responsible for the business's debts and liabilities. When a group operates a business, it is known as a partnership, with responsibilities and profits shared among the partners.
Moreover, a private company can be a corporation without publicly issued stock, where the owners' liability is limited to their investment in the company. Large private corporations may be private entities like Cargill, the Mars candy company, or the Bechtel engineering and construction firm even without issuing stock on the public market.