Question

3. Rachel worked in one of her family's two furniture stores. When her grandfather

Answer 1

Rachel's grandfather is involved in a private corporation, which is also known as a closed corporation.

Through questions similar to yours, we can see that you want to know what form of corporate ownership Rachel's grandfather is involved in.

We can say that he is in a private/closed corporation because:

• A closed corporation is formed by a group of stocks that are dominated by a select group of individuals.
• These individuals have some kind of connection with the corporation that owns the stocks.
• As Rachel's grandfather is selling stocks to a select group of people and not to the general public, we can say that he is establishing a private corporation.

Selling stocks can benefit Rachel's grandfather's business in addition to providing shareholder benefits.

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