The correct answer is option 'C', Company.

A company is a form of business organization that has a separate legal entity from its owners. It is a type of business structure where there is a clear separation of ownership and management. In other words, the owners (shareholders) are not directly involved in the day-to-day operations and management of the company.

Here are the key points explaining why the correct answer is a company:

1. Definition of a company:
- A company is an artificial legal entity created by law.
- It has a separate legal personality from its owners.
- The owners are known as shareholders or members.

2. Separation of ownership and management:
- In a company, the ownership is held by the shareholders who contribute capital to the company by purchasing shares.
- The management of the company is entrusted to a board of directors who are elected by the shareholders.
- The board of directors is responsible for making strategic decisions, setting policies, and overseeing the day-to-day operations of the company.
- The shareholders have limited liability and are not personally responsible for the company's debts and obligations.

3. Advantages of separation of ownership and management:
- Allows for professional management: The separation allows for a specialized management team to run the company, bringing in expertise and experience.
- Facilitates raising capital: The separation of ownership and management makes it easier for companies to raise capital by issuing shares to investors.
- Enhances corporate governance: The board of directors acts as a check and balance on the management, ensuring that the company is run in the best interests of the shareholders.

4. Types of companies:
- There are various types of companies, including private companies, public companies, limited liability companies (LLCs), and corporations.
- Each type has its own legal requirements and regulations governing its operation.

In conclusion, a company is a business organization structure that separates ownership from management. It provides advantages such as professional management, ease of raising capital, and improved corporate governance.