The two ways that a corporation can be classified by purpose are

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A corporation can be classified by purpose as either profit or not-for-profit. Profit corporations are formed to make money for their shareholders, while not-for-profit corporations are formed to further a specific cause or issue without generating a profit for shareholders. Option A is incorrect because it describes the classifications of partnerships, not corporations. Option C is incorrect because it describes the geographic scope of a corporation, not its purpose. Option D is incorrect because it describes the ownership structure of a corporation, not its purpose.

The Two Ways That a Corporation Can Be Classified by Purpose