We're All About Your Business
A business may fall into many different categories, which one do you fall into...
- A business, also known as enterprise or firm is an organisation involved in the trade of goods, services or both to consumers.
- A business owned by multiple individuals may be referred to as a company, although that term also has a more precise meaning.
- A sole proprietorship is a business owned by one person for profit. The owner may operate the business alone or may employ others.The owner of the business has unlimited liability for the debts incurred by the business.
- A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. The three typical classifications of for-profit partnerships are general partnerships, limited partnerships, and limited liability partnerships.
- A corporation is a limited liability business that has a separate legal personality from its members. Corporations can be either government-owned or privately owned, and corporations can organize either for-profit or not-for-profit.
- A privately owned, for-profit corporation is owned by shareholders who elect a board of directors to direct the corporation and hire its managerial staff.
- A privately owned, for-profit corporation can be either privately held or publicly held.
Cooperative & Not for Profit:
- Often referred to as a "co-op" a co-operative is a limited liability business that can organise a "for-profit" or "not-for-profit" operation.
- A Co-operative differs from a for-profit corporation in that it has members, as opposed to shareholders, who share decision-making authority.
Co operatives are typically classified as either consumer co-operatives or worker co-operatives.