A Business definition is that, it is actually an organization that is involved in the trading of services or goods. It is also occasionally referred to as enterprise or firm. Business is an extremely important constituent of the capitalist economy that consists most of the businesses privately owned and is designed to produce goods and services for profit. However, business might also be not-for-profit or owned-by-the-state. Also, if a business is owned by many parties then it is generally and roughly referred to as a company.
The etymology of the term business is in fact pretty interesting and the business definition is largely influenced by the etymology of the word. It is etymologically referred to as the state of being busy in activities on individual or state level but the effort is directed towards producing commercially viable and profitable work. The definition also broadens itself into three scope based usages of the word ‘business’. It used singularly it is referred to a specific organization, in a general way it refers to the market segment such as ‘the banking business’, and lastly it is also used in the compound forms such as ‘agribusiness’. However, the specific and fine grained definition of business is an issue of debate and confusion in many domains and fields of study.
There are also many forms of ownership and according to the business definition they are explained below:
1. Sole Proprietorship: It is a business that is owned by one person for the purpose of earning profit. However, the sole owner may recruit and pay other persons to help him in conducting various business activities. In such a case, owner has unlimited liability for business debts incurred in the process.
2. Partnership: It is a kind of business owned by two or more individuals and who have direct stake and ownership in the business. In such a case all the partners have unlimited liability for the business relevant debts. The investments made in the business might vary in ratios. There are three types of partnerships; limited partnerships, general partnerships, and limited liability partnerships.
3. Corporation: It is a limited liability according to the business definition that has a different legal personality that is not part of the members. The corporations can either be private or government owned and the corporations can be organized as either non-profit or for-profit.
4. Cooperative: It is a limited liability as per business definition that can either be for-profit or not-for-profit. It differs from for-profit corporation in a way that it has the members (rather than shareholders) who have the capability of decision making. These can be classified as the worker cooperatives and consumer cooperatives.
The business can be classified also in a number of different classifications and categories. Some of the most well recognized classifications include, mining business, manufacturing business, Service businesses, real estate business, retailers, etc. All of these business classifications have their own set of rules and guidelines for managing the organizations, tasks and activities according to business definition. They play crucial role in today’s world in managing the economies and building societies too.
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