What type of company can be a large organization but is not operated by shareholders?

A private company can indeed be a large organization that is not operated by shareholders in the same way a publicly traded corporation is. In a private company, ownership is typically held by a small group of individuals or a family, without the need to offer shares to the general public. This structure allows for more control and flexibility in decision-making, as the private company does not have to answer to a broader shareholder base with varying interests and agendas.

In contrast, corporations are generally publicly traded and answer to shareholders, who have ownership stakes. While independent ownership refers to non-corporate structures, it doesn't necessarily imply large organizational size. Franchises, although they can also be substantial, usually operate under a different model where individual franchisees own their locations, but are subject to the regulations and branding of the larger franchisor. Thus, the defining characteristic of a private company aligns with the requirements of the question.