Corporations’ homeowners have restricted legal responsibility and the business has a separate authorized personality from its owners. Corporations can be both government-owned or privately owned, and they can manage 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 corporation and hire its managerial staff. A privately owned, for-profit corporation can be either privately held by a small group of people, or publicly held, with publicly traded shares listed on a inventory change. Each person’s ideal timeline for beginning a new business will be…