The two ways that a corporation can be classified by purpose are
A)general and limited.
B)profit and not-for-profit.
C)federal and provincial.
D)publicly held and privately held.

Question

Quizplus · Accepted Answer

The two ways that a corporation can be classified by purpose are by being a for-profit corporation or a not-for-profit corporation. For-profit corporations are established to generate profits for their shareholders, while not-for-profit corporations are established for a specific social, educational, religious or other purpose, and any surplus generated is used to support that purpose. The other choices, such as general and limited, federal and provincial, or publicly and privately held, are different classification methods for corporations based on other factors.

The Two Ways That a Corporation Can Be Classified by Purpose