Final answer:
The two types of corporations are A) Profit and not-for-profit. Profit corporations aim to make a profit for shareholders and can be public or private. Not-for-profit corporations focus on fulfilling a mission, often related to public service, without the goal of profit.
Step-by-step explanation:
The two types of corporations are A) Profit and not-for-profit. Profit corporations are businesses that operate with the intention of making a profit for their shareholders. They can be either private, meaning they do not sell shares to the general public, or public, with stocks that are traded on the stock exchange allowing them to raise capital from public investors. On the other hand, not-for-profit corporations are organizations that perform services or provide goods without seeking to earn profits for their owners or members. Instead, any surplus revenues are reinvested into the organization to further its mission, which could include education, health, social services, or cultural enrichment, among others.
Examples of non-profit organizations include welfare groups, hospitals, and schools, which all play crucial roles in society by serving collective interests or needs not necessarily addressed by for-profit businesses. These organizations are incorporated and may enjoy benefits such as an unlimited life span and the ability to borrow money or employ qualified staff.