Types of Business

There are many types of business.A business also known as company, enterprise or firm is a legally recognized organization designed to provide goods, services or both to consumes or tertiary business in exchange money.The business are predominant in capitalist economies, in which most business are privately owned and typically formed to earn profit that will increase the wealth and typically formed to earn profit that will increase the wealth of its owner. The main objectives of business is the receip or generation of a financial return in exchange for work and acceptance of risk. Business can also be formed not for profit or be state owned.

There are several common forms of business:Sole proprietorship: It is a business for profit 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 form of for profit business owned by two or more people. In partnership business each partner has unlimited liability for the debts incurred by the business.

Corporation: Can be either or private in nature. A public company is often listed of the stock exchange and typically has unlimited liability.Privately owned companies have limited liability and are often signified by the term "Pvt. Ltd".
Cooperative: Often referred to as a "co-op", a cooperative is a limited liability entity that can be organized for profit or not for profit.Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the ideology of economic democracy.