A business is an organization where people work together. In a business, people work to make and sell the product or services…….A business can earn a profit for the products and services it offers. The word business comes from the word busy,and means doing things.it works on regular basis this is called business.
What is a purpose of business. Business purpose is the reason you have formed your company boiled down to a single sentence.it can be industry specific or general enough to include ancillary and future business activities. To understand business purpose .
Understanding a business generally,A business begins with a business concept .depending on the nature of the business. Extensive market research may be neccessary to determine whether turning the idea into a business is feasible and if the business can deliver value to the consumers .
Sole proprietorship owned by one person No legal and financial distinction between business and business owners.
Partnership Business financial and legal responsibility equally divided. Must be registered for IRS purpose.
Limited partnership ideal for those interested in raising capital from investors who are not achieve in day to day duties .
Corporation independent, multiple shareholders appropriate for established businesses with employees .
LLC blend of partnership and corporation . No personal property at risk. Less regulation.
Non profit earning pay expenses of company . Can applyFor tax exempt status .
Co-OP members use it services.
Business is the activity of making one’s living or making money by producing .such as goods and 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 for a street peddler to general motors .
Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts,the creditors can go after the owner’s personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.
The term is often used colloquially to refer to a company. A company ,on the other hand,is a separate legal entity and provides for liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up,but offers more protection and benefits to the owner.