4. A corporation is a firm regarded in law as having an identity of
its own; its owners are not personally responsible for anything
that is done in the name of the firm, though its directors may be.
The shares of a private corporation are not traded on any stock
exchange (such as the Toronto or New York Stock Exchanges),
whereas the shares of a public corporation are.
5. A state-owned enterprise is owned by the government but is
usually under the direction of a more or less independent, state-
appointed board. Although its ownership differs, the organization
and legal status of a state-owned enterprise are similar to those of
a corporation. In Canada, such state-owned enterprises are called
Crown corporations.
6. Non-profit organizations are established with the explicit
objective of providing goods or services to customers, but any
profits generated remain with the organization and are not
claimed by individuals. In many cases, some goods or services are
sold to consumers while others are provided free of charge. Non-
profit firms therefore earn their revenues from a combination of
sales and donations. An example is your local YMCA—it sells
memberships to consumers for use of the health facilities, but it
also raises funds to provide free services to needy individuals in
the community.Firms that have locations in more than one country are often called
multinational enterprises (MNEs). Having locations in several
countries is very unusual for single proprietorships and ordinary
partnerships, but is common for limited partnerships (such as large law