What is a Business?
The term business is known by different names all over the world. You can hear this as a firm, an enterprise and an agency. The business involves basically the supplying of goods, raw materials or specific services to the consumers or the customers. The business grows well in a capital dominant environment. The reason behind this is these businesses are singled owned and works in a direct relation with the customer and consumers, generally this relation is maintained with the exchange of money. It has been seen that in some of the outskirt areas this relation of business is maintained by exchange of things, goods, services, etc… Even some of the businesses are not started for generating profits they are society oriented or just they provide their services for the betterment of the society.
Some of the business groups join to form giant companies, in order to increase their per capita income and simply to increase their business to a whole new extend. Every country posse’s different laws for sustaining into a business, one should always follow all the legal aspects for getting into the business stream so that he/she can sustain for a longer time period without any interruptions. The term business can simply refer to a single owned organization or to a whole ‘business market sector’. These combined business have one main thing in common, that all are in a competition of generating higher sales so as to generate higher profits and turnovers.
Different types of businesses:
Single owned proprietorship:
The term ‘Single owned proprietorship’ self defines that this kind of business is processed by a
single person for his or her economical growth and profits, or the owner may be handling the
business with the help of some employees. The owner is free to set the
rules for his individual business and is fully responsible for the growth of his working.
In a partnership business the owner of the business is more than one person, it
may be two persons or even a group of persons responsible for the establishment of business. In the partnership business the working and all the rules and regulations for the work as pre-decide
d to avoid future conflicts. One is always free to leave the business formed at any point of time; it may not be the case if you have signed any sought of agreement with the third party.
The corporation business can be private owned as well as government owned. The corporation is a huge society of workers, who are been taken care by different owners. The corporation is a collaboration of many businesses at the same place. Many different types of works are performed by a single corporation.
The co-operatives are formed for both profitable and non profitable reasons. The cooperatives do not have any sought of owners or partners, they generally have working active members who equally have the rights for decision making and also these cooperatives are maintained by big societies and have many members with it.