Business is the word which brings smiles to entrepreneurs because of obvious reasons. However for people who are aspiring entrepreneurs should have an idea about various types of business, let’s look at some of them –
- Sole proprietor – This form of business is run and owned by a single person and all major decisions are taken by an individual. Under this the owner is responsible for all decision and therefore profit arising out of such decisions belongs to owner.
- Partnership – Under this there is an agreement between two or more persons who agree to share the profits of business done by them. One can look at the advantages and disadvantages of partnership in order to have a better understanding about this form of business.
- Company – There can be various forms of companies like company which is limited by guarantee, unlimited company, private company etc.. In order to have better understanding about it one can look at the difference between company and partnership.
- Cooperative – Under this many people voluntarily come and start the business, in majority of the cases this are run on non-profit basis. However there are many which integrate both aspects which imply that some part of their business is run for non-profit basis and other part is run like normal organizations.