Business: What is Business.

Business is the activity of making one's living or making money by producing or buying and selling goods or services. Simply put, it is any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors. The term is also often used colloquially (but not by lawyers or pubic officials) to refer to a company, but this article will not deal with that sense of the word.

• Anyone carrying on an activity that earns them a profit is doing business or running a business, and perhaps this is why there is a misconception that business and company is the same thing.
• A business name structure does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for all debts incurred by the business. If the business acquires debts the creditor or creditors can go after your personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.

Forms

Forms of business ownership vary by jurisdiction, but several common entities exits:

Sole proprietorship :

A sole proprietorship, also known as a sole trader is owned by one person and operates for their benefit. The owner operates for their benefit. The owner operates the business alone and may hire employee. A sole proprietor has unlimited liability for all obligations incurred by the business, whether from operating costs or judgments against the business. All assets of the business belongs to a sole proprietor, including, for example, computer infrastructure, any inventory, manufacturing equipment or retail fixtures. as well as any real property owned by the sole proprietor.

Partnership:

A partnership is a business owned by two or more people. In most forms of partnership, each partner has unlimited liability for the debts incurred by the business. the three most prevalent types of or profit partnerships are general partnership, limited partnerships and limited liability partnerships.

Corporation:

The owner of a corporation have limited liability and the business has a separate legal personality from its owners. Corporation can be either government owned or privately owned. They can organize either for profit or as nonprofit organizations. A privately owned for profit corporation is owned by its shareholders. who elect a board of directors to direct the corporation and hire its managerial staff. A privately owned. for profit corporation can be either privately held by a small group of individuals. or publicly held with publicly trades shears listed on a stock exchange.

Cooperative:

Often referred to as a "co-op a cooperative is a limited- liability business that can organize as for profit or not for profit. A cooperative differs from a corporation in that it has members, not shareholders, ans they share decision- making authority. cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives. Cooperatives  are fundamental to the ideology of economic democracy.

Limited liability companies:

limited liability partnership and other specific types of business organization protect their owners or shareholders from business failure by doing business under a separate legal entity with protections. In contrast, unincorporated businesses or persons working on their own are usually not as protested.

Franchises: 

A franchise is a system in which entrepreneurs purchase the rights to open and tun a business from a larger corporation. Franchising in the larger corporation. Franchising in the India is widespread and is a major economic powerhouse. One out of twelve retail business in the India are franchised.

A company limited by guarantee.

 Commonly used where companies are formed for noncommercial purposed. such as clubs or charities. The members guarantee the payment of certain amounts if the company goes into insolvent liquidation but otherwise they no economic rights in relation to the company. This type of company is common in England. A company limited by guarantee may be without having share capital.

Activities

Accounting

Accounting is the measurement, processing and communication of financial information about economic entitles such as businesses and corporations. The modern fields was established by the Italian mathematician Luca Pacioli in 1494. Accounting which has been called the language of business, measures the results of an organization's economic activities and conveys their information to a variety of users, including investors. creditors, management and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and financial reporting" are often used as synonyms.

 Finance

Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty and risk. Finance can also be defined as the science of money management. Finance aims to price assets based on their risk level and their exacted rate of return. Finance can be broken into three different subcategories: public finance, corporate finance and personal finance. 

Manufacturing

Manufacturing is the production of merchandise for use or sale using labour and machines, tools, chemical and biochemical processing or formulation. The term may refer to a range of human activity, from handicraft to high tech,but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale.

Marketing:

Marketing is defined by the "American Marketing Association as " as the activity set of Institutions and processes for creating, communications delivering and exchanging offerings that have value for customers, clients, partners and society at large the terms dece;oped from the original meaning which referred literally to going to a market to buy and sell goods or services. Marketing tactics include addressing as well as determining product pricing.