A corporation is not an entity which is separate and distinct from its owners. TRUE FALSE A corporation can be organized for the purpose of making a profit or it may be not-for-profit. TRUE FALSE The two ways that a corporation can be classified by purpose are general and limited. profit and not-for-profit. state and federal. publicly held and privately held. The two ways that a corporation can be classified by ownership are publicly held and privately held. stock and non-stock. inside and outside. majority and minority