Final answer:
A Public Corporation is a corporation whose stock can be bought, sold, or traded by the general public. These corporations are subject to strict regulations, including disclosures and governance by a board of directors. This is contrasted with private corporations, nonprofit organizations, and government corporations which have different ownership structures and purposes.
Step-by-step explanation:
A corporation whose stock anyone may buy, sell, or trade is known as a Public Corporation. When a corporation is public, it means that its stock is available for the general public to purchase on stock exchanges or over-the-counter markets. The process of a corporation becoming public is called an Initial Public Offering (IPO), where the firm's shares are offered to the general public for the first time.
Public corporations have to adhere to strict regulations, such as filing regular financial reports, disclosing significant information to shareholders and the public, and being governed by a board of directors elected by the shareholders. These measures are in place to protect the interests of the shareholders and the public. On the other hand, a Private Corporation does not offer its shares to the public and has fewer owners. A Nonprofit Corporation is organized for a public or mutual benefit other than generating profit for owners or investors, while a Government Corporation is created by a government to undertake commercial activities on its behalf.