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Business
Business in general means the social science of organizing people to create collective productivity with the aim of achieving a particular creative and productive and monetary goal. Other than this meaning, Business also refers to a particular company or corporation and in some cases to a particular market sector. When Business refers to a particular company or corporation, it means a legal entity of a society, where people organize and work using their skills and expertise to bring social, economic and technological progress. Business can be classified in more than one ways. According to the types of ownership Business can be classified as Sole Proprietorship Business, Partnership Business, Cooperative Business, Private Limited Company, Public Limited Company and Franchise Business.
A Sole Proprietorship is one, which is owned by a single person, who is solely liable of the debts and profits of the business. A Partnership Business is the one which is owned and operated by more than one person and each of them are liable of the debts and profits of the business. Cooperative Business is the one, where members share profit, limited liability and decision-making power. Cooperative businesses are generally consumer cooperatives, producer cooperatives and worker-owned companies. Private Limited Company is the small or medium-size company which is owned by a family or a small group and the owners have the liability proportional to their investment in the company. Public Limited Company is the one which is owned by many and each owner has limited liability according to their amount of investment in the company and is not liable for the debts of the business unless he has given personal guarantee. Franchise Business is the one small business which is involved in selling the products of another company and has the right to use the identity and brand name of that established company.
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