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3. Rachel worked in one of her family's two furniture stores. When her grandfather
expand the business and build three more stores, Rachel realized that he would need a lot of
capital to get the construction started. She suggested that her grandfather raise the money by
selling shares of stock in the company to just a few people, not to the general public. Her
grandfather filed Articles of Incorporation with the government. He sold 1,000 shares of stock
to 100 people and kept 1,500 shares.
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Rachel's grandfather is involved in a private corporation, which is also known as a closed corporation.

Through questions similar to yours, we can see that you want to know what form of corporate ownership Rachel's grandfather is involved in.

We can say that he is in a private/closed corporation because:

  • A closed corporation is formed by a group of stocks that are dominated by a select group of individuals.
  • These individuals have some kind of connection with the corporation that owns the stocks.
  • As Rachel's grandfather is selling stocks to a select group of people and not to the general public, we can say that he is establishing a private corporation.

Selling stocks can benefit Rachel's grandfather's business in addition to providing shareholder benefits.

More information:

https://brainly.com/question/18721570?referrer=searchResults

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