In: Business and Management

Submitted By cagada
Words 1111
Pages 5
A business (also known as enterprise or firm) is an organization designed to provide goods, services, or both to consumers.[1] Businesses are predominant in capitalist economies, in which most of them are privately owned and formed to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit or state-owned. A business owned by multiple individuals may be referred to as a company, although that term also has a more precise meaning.
The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term "business" has at least three usages, depending on the scope — the singular usage to mean a particular organization; the generalized usage to refer to a particular market sector, "the music business" and compound forms such as agribusiness; and the broadest meaning, which encompasses all activity by the community of suppliers of goods and services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate and complexity of meanings. Contents[hide] * 1 Basic forms of ownership * 2 Classifications * 3 Management * 3.1 Reforming State Enterprises * 4 Organization and government regulation * 4.1 Commercial law * 4.2 Capital * 4.3 Intellectual property * 5 See also * 6 Notes and references * 7 External links |
Basic forms of ownership
See also: Types of business entity
Although forms of business ownership vary by jurisdiction, there are several common forms: * Sole proprietorship: A sole proprietorship is a for-profit business owned by one person. The owner may operate on his or her own or may employ others. The owner of the business has unlimited liability for the debts incurred by the business. * Partnership: A partnership is a for-profit business…...

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