Bill is starting up a new business. In order to raise the capital needed for the business, Bill has sold shares of his company to a few close relatives. This type of structure is known as a

Question

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Selling shares of a business to a select group of individuals, such as close relatives, is characteristic of a private corporation. A sole proprietorship is a business owned and operated by a single individual, while a macroenterprise is not a recognized legal structure. Public enterprises and corporations involve selling shares to the general public through a stock exchange or other means, which is not the case in this scenario.

Bill Is Starting Up a New Business