When founding members of Mike & Sons wanted to regain family control of the business, they changed the company ownership from publicly held to _____, in order to control and manage corporate activities.
A) limited corporations
B) closed corporations
C) preferred corporations
D) restricted corporations

Question

Quizplus · Accepted Answer

Closed corporations are privately held and have a limited number of shareholders. This type of ownership would allow the founding members of Mike & Sons to regain family control of the business and manage corporate activities. Limited corporations, preferred corporations, and restricted corporations are not specific types of ownership labels.

When Founding Members of Mike & Sons Wanted to Regain