Wiley incorporates his business as Wiley Wire Corporation in Texas. He and his group of shareholders intend to make a profit from their sales of fencing wire. Wiley Wire Corporation is

Question

Wiley incorporates his business as Wiley Wire Corporation in Texas. He and his group of shareholders intend to make a profit from their sales of fencing wire. Wiley Wire Corporation is​

Quizplus · Accepted Answer

Wiley Wire Corporation is a for-profit business, as indicated by their intention to make a profit from sales. Therefore, the best choice is D, a private corporation. A nonprofit corporation, option A, is not intending to make a profit and distributes earnings to the community instead. Option B, not a corporation, is incorrect as the business is stated to have incorporated. Option C, an alien corporation, refers to a foreign corporation doing business within the state, which is not indicated in the scenario.

Wiley Incorporates His Business as Wiley Wire Corporation in Texas