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

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The two ways that a corporation can be classified by purpose are profit and not-for-profit. A for-profit corporation's main purpose is to generate profit for its shareholders, while a not-for-profit corporation's main purpose is to serve a specific social or charitable cause. The other choices (general and limited, state and federal, and publicly held and privately held) refer to other aspects of a corporation's classification.

The Two Ways That a Corporation Can Be Classified by Purpose