Professions that require special licenses include law, medicine, piloting plane, selling liquor, radio broadcasting, selling funding securities, promoting used automobiles, and roofing. Local jurisdictions can also require special licenses and taxes just to operate a business. In legal parlance, the owners of an organization are normally referred to as the “members”.
Corporations’ owners have restricted legal responsibility and the business has a separate legal character from its owners. Corporations can be either government-owned or privately owned, and so they can manage both for revenue or as nonprofit organizations. A privately owned, for-profit corporation is owned by its shareholders, who elect …
