What distinguishes an open corporation from other types of corporations?

An open corporation is characterized by its ability to sell millions of shares of stock to the public, allowing a large number of stockholders to own portions of the company. This public trading of shares typically occurs on a stock exchange, which significantly increases the corporation's ability to raise capital by attracting investment from a broad base of shareholders. This contrasts with private corporations, which do not offer their stock to the general public and are limited in the number of shareholders they can have.

In an open corporation, transparency and regulatory compliance are required, as they must disclose comprehensive financial information and other operational details to their shareholders and the public, facilitating informed investment decisions. This structure fosters a more liquid market for shares, enabling shareholders to buy or sell their stakes more readily than in private corporations, where stock liquidity can be much lower.

The other options describe characteristics not typical of an open corporation, highlighting elements distinct to other corporate structures: ownership by a single individual, lack of a board of directors, and being privately held all fall outside the main attributes of an open corporation.