William Dean and Vincent Marino worked together as executives of a shipping container repair company knwon as Marine Trailers. Marine Trailers's largest customer was American Export Lines (American Export). When American Export became unhappy with the owners of Marine Trailers, it led Dean and Marino know that if they formed their own company, American Exports would give them its business. Dean and Marino decided to take American Exports's suggestion, and they bought the majority of shares of a publicly traded corporation known as Marine Repair Services, Inc. (Repair Services). Dean and Marino operated Repair Services as a container repair company at the Port of New York. The company prospered, expanding to five other states and overseas. Dean and Marino's initial investment of $12,000 paid off. Ten years after buying the company, each man was earning over $150,000 a year in salary alone. Describe what type of corporation Repair Services is and the characteristics of how such corporations operate.