Not all businesses are corporations. Small ventures can be owned and managed by a single individual. They are called sole proprietorships. In other cases several people may join to form a partnership.
a public company is one whose shared are held not only by a small group of investors but a large body of the workforce too. Although stockholders own a corporation they do not manage it. Instead they vote to elect a board of directors. the board appoints top management and is supposed to ensure that they act in the company's interests. the separation of ownership and management gives corporations permanence.
corporations have limited liability.
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