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Business A business is a commercial or industrial enterprise made of people who actively provide goods and services to others usually in order to profit. Forms of Business Ownerships Sole proprietorship: A business is owned by one person. The owner may operate on his or her own or employ others. The owners has total and unlimited personal liability of the debts. Partnership: A business is owned by two or more people with the sole purpose of making a profit. Each partner has total and unlimited personal liability of the debts. There are three typical classifications of partnerships: general partnerships, limited partnerships, and limited liability partnerships. Corporation: A for-profit business with limited liability and has a separate legal entity than its members. A corporation is owned by shareholders and is overseen by a board of directors that hires the managerial staff. Cooperative: Often referred to as a "Co-op", a for-profit, limited liability that has members, instead of shareholders, who share decision making authority. There are two types of cooperatives: consumer cooperatives and worker cooperatives. Classifications of Business Manufacturers: Produce products from raw materials. Service business: Offer intangible goods or services. Usually creates profit by charging for labor. Retailers (or Distributors): Act as a middleman who sells to the consumer. Agriculture and mining business: Produce raw materials. Financial business: Banks and other businesses who gain profit through investment or management of capital. Information business: Gain profit through resale of intellectual properties. Utilities: Produce public services such as heat, electricity and water. Real estate: Generate profit from selling or renting properties, homes and businesses. Transportation: Delivers goods or persons for a profit on the transportation.

Contributed by Gary R. Hess on January 7, 2008, at 2:14 PM UTC.

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This intel was contributed by Gary R. Hess Gary R. Hess

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