Business
A business is designed to provide a service or services and or goods to consumers or customers through a legal organization.
The word business is commonly understood to be a state in which one or a society are busy or active in participating in commercial activities that are profitable and provide needed goods and or services to the economy.
Capitalist economies are made up mostly of businesses that are privately owned and are set up to offer work and risk in exchange for a financial return or profit.
Socialist economies often have their own agenda in business besides making a profit through state, public or government run agencies.
Business can refer to a singular company or to a sector of the economy such as farming or trucking and it can also be applied to a region or country.
Some of the common forms of business are:
Cooperative or "co-op" is made up of members who share in making decisions for the business and it is a limited liability organization that can be used for profit or not-for-profit.
Partnership is made up of two or more people that have personal liability for business debts with the common goal of making a profit. There are three main types of partnerships:
- Limited liability partnerships
- Limited partnerships
- General partnerships
Sole proprietorship is owned by one person who carries liability for the business and is run by them and/or others they employ.
Corporation is kept legally separated from its members and is a limited liability business. Multiple shareholders own a corporation and it is managed by a board of directors and a managerial staff that is hired by the board of directors.
