Final answer:
The correct option is c) common purpose.
A company is a voluntary association formed for a common purpose, often economic or commercial in nature. It can range from a sole proprietorship to a large private corporation. The key is the collective pursuit of a shared goal.
Step-by-step explanation:
A company is a voluntary association of persons formed for some common purpose. Generally, this purpose is connected to conducting business activities. Most often, a company aims to pursue economic or commercial objectives for the benefit of its owners or stakeholders. Different forms of companies include sole proprietorships, where an individual runs the business, partnerships, which involve a group running the business, and corporations, which may or may not have publicly issued stock but are designed to operate as a single entity, separate from the individual owners who enjoy protection from personal liability.
A private company is typically owned and operated by the very people who are involved in its day-to-day management. The size can range from small local businesses to large international corporations without publicly issued stock, such as Cargill or the Mars candy company. The overarching goal, however, is to bring together individuals or groups with a collective vision or objective that could not be achieved individually.