Nortons, Inc. is a hardware store that is owned by members of the Norton family as well as a few close friends of the family. This company is a(n)
A) sole proprietorship.
B) partnership.
C) open corporation.
D) closed corporation.
E) public corporation.

Question

Quizplus · Accepted Answer

Nortons, Inc. is a closed corporation because it is owned by a small group of individuals who are either family members or close friends, and the ownership shares are not publicly traded on a stock exchange.