A company has both common stock authorized and preferred stock authorized. What is the basic difference between these two types of ownership interest ?

		The owners of common stock have rights that are set by the state of incorporation whereas the owners of preferred stock have rights that are set by the stock contract
		Common stock has a par value but preferred stock does not
		The owners of common stock have voting rights whereas the owners of preferred stock do not have voting rights
		Common stock has a set dividend rate but preferred stock does not