Which ownership model is characterized by individual control rather than being governed by a board of shareholders?

The correct answer is individual control inherent in independent ownership, which means that the owner holds full decision-making authority and is not outvoted by a board of shareholders as seen in corporate structures. This model allows for greater flexibility and personalization in management, aligning the business closely with the owner's values and decisions.

Private companies, while they may also not be governed by public shareholders, can have structured management or boards. Corporations typically have shareholders and a board of directors who guide the company's direction. Franchises operate under a corporate model with established brand guidelines and regulations set by the franchisor, leading to less individual control. Thus, the essence of independent ownership lies in personal autonomy over business operations without external governance constraints.