BUSINESS

In simple terms, business implies any commercial activity engaged in as a means of livelihood or profit, or on entity which in such activities. In economic business is the social science of managing people to organize and maintain collective productivity towards accomplishing particular creative and productive goals, usually to generate revenue. The term " business " has at least three usage.

It might be used to refer to a particular company or corporation.

It might also be used in a generalized sense as in referring to a particular market sector, such as 'The computer business' or the 'garments business' .Further it might be used in a collective sense as in 'the business community'-the community of suppliers of goods and services. the singalur "business can be legally recognized organization designed to provide goods and services or both to consumers or tertiary business in exchange of money.

Business are predominant in capitalist economies, in which most business are privately owned and typically formed to earn profit that will increase the wealth of its owners.
In other words , one of the main objectives of the owners and operations of a business is the receipt or generation of a financial return in exchange for their work that is the expense of time, energy and money and the risk that are borne by them.

However business can also be state owned , whose prime motive is not the profit.
There are various types of business based on the ownership.Five most important types have outlined below:

Single Proprietorship: A single proprietorship business owned by one person. The owner may operate on own or may employ others.

Partnership : A partnership is a form of business in which two or more people operate for the common goal of making profit.
Private Limited Company(Ltd.): A small to medium sized business that is often run by the family or the small group who own it.

Public Limited Company: A business with limited liability and a wide spread of shareholders.

Cooperative: A cooperative is a limited liability entity that can be organized for profit or not for profit.