Final answer:
The two types of corporations are profit and not-for-profit, where profit corporations aim to generate profits for shareholders, and not-for-profits serve community needs and reinvest any profits back into their services.
Step-by-step explanation:
The two types of corporations are profit and not-for-profit. Profit corporations are businesses that operate with the aim of making profits for their shareholders while not-for-profit corporations perform services not necessarily to make a profit, but to serve their members or broader objectives.
Such non-profit organizations may include welfare groups, churches, hospitals, schools, and civic organizations, all of which are structured similarly to a corporation but are set up with different goals, not being profit-driven. Profits made by non-profits are typically reinvested into the organization to expand and provide more services, as they fulfill a societal need rather than distribute profits to shareholders.