Open versus Closed – Ownership of the Corporation Self-Quiz








A private, for profit Corp. that 1) sells new appliances 2) has 5 shareholders 3) is subject to double taxation and 4) has made no IPO would be classified as
Choice 1 an S corporation
Choice 2 a close corporation
Choice 3 a nonprofit corporation
Choice 4 a professional corporation
What do you think about the following companies – which ones are public?
Choice 1 International Business Machines (IBM)?
Choice 2 The Kabob King on 73rd St in Jackson Heights, Queens, New York?
Choice 3 The New York Yankees
Choice 4 The Law Firm Wachtell Lipton?

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