1. A corporation is not an entity which is separate and distinct from its owners. TRUE FALSE 2. 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. 3 . b. . state and federal. d. publicly held and privately held. 4. The two ways that a corporation can be classified by ownership are publicly held and privately held. stock and non-stock. . b. c. inside and outside. d. majority and minority.