Final answer:
Private clubs can be owned as a sole proprietorship, by an individual, or as a partnership, by a group of individuals. Some may also be corporations without publicly issued stock or employee-owned cooperatives.
Step-by-step explanation:
Private clubs can be owned in mainly two ways: as a sole proprietorship or a partnership. A sole proprietorship is when the private company is owned and operated by an individual, who is responsible for day-to-day decisions and management. A good example would be a small law firm run by one person. On the other hand, if the private club is run by a group of individuals who share decision-making and management, it is known as a partnership. This model is common in larger firms where partners share ownership and operational responsibilities. Although not as common, some private clubs could also be set up as corporations without publicly issued stock. Employee-owned businesses, where ownership of the business is in the hands of employees, can also apply to private clubs, typically structured as cooperatives.