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Corporations’ owners have restricted legal responsibility and the business has a separate legal personality from its house owners. Corporations may be either government-owned or privately owned, and they can organize both for revenue or as nonprofit organizations. A privately owned, for-profit corporation is owned by its shareholders, who elect a board of directors to direct the company and rent its managerial workers. A privately owned, for-profit corporation could be either privately held by a small group of individuals, or publicly held, with publicly traded shares listed on a inventory change.
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