Types of Businesses and Forms of Business Ownership

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Types of Businesses and Forms of Business Ownership

E-commerce

Any online store

Netflix

Ebay

Customer Loyalty is not always guaranteed

Hackers

Product quality

Easy to start and manage business

Anyone can reach the store

More convenient for customers

Always available 24/7

E-commerce is the transfer or transaction of products through an electronic store

Manufacturing

Lush

Nike

Adidas

A lot of competition

Location

Costly to Start business

Adavantages

Tax Advantages

More awareness of your brand/product

More ways to earn a profit

A business that uses any raw materials, components or parts to assemble finished goods

Merchandising

Toys-R-Us

Lowe's

Home Depot

Micheals

Expenses

Reputation

Higher Demands on Staff

Attractive Space

Increased Sales

Businesses that buy certain products and resell those goods for a profit

Non-Profit

World Wildlife Fund (WWF)

The Nature Conservancy

Salvation Army

Hard to get funded

Volunteers

Tax-Exempt Status on Net Income

Personal Liability Protection

More Credibility

A tax-exempt organization formed for religious, charitable, literary, artistic, scientific, or educational purposes

Service

Disadvantage

Advantage

Subtopic

Service businesses are businesses that provide an activity or preform a certain task for commercial purposes

Partnership

Google (Larry Page, Sergey Brin)

Apple ( Steve Jobs, Steve Wozniak)

Microsoft (Bill Gates and Paul Allens)

Affordability

Unfair Delegation of Work

Personal Relationship

Easy Taxation

Shared Responsibility

Limited Partnerships

Flexibility

Two or more people agree to form a legal relationship to run a business. Each of the partners has to invest in the business and each profits from it or they share the debt equally

Sole Proprietorship

One person is single-handedly responsible for the business and is legally tied to it

Freelance Artists

Independent Contractors

Hairdressers

Nail Salons

Stress

No long-term value

Personal Debts

Simplified Tax Reporting

Mixing of Assets

Full Control

Less Formalities

Franchise

A large company allows individuals to open up businesses in the name of the franchise. The franchisee operates the business, while they pay the franchisor for the right to use the name The franchisee can use the franchisor's business models and ideas contractually.

Subway

KFC

Popeyes

Standard Checks

Company Restrictions

No Room for Creativity

Independence

High Success Rate (90%)

Brand Recognition

Company Support

Easier Financing

Cooperative

Farmers

Amul

Sunkist Growers

Corruption

Lack of Participation

Owners Might Back Out

Business will suffer

Each Member Gets 1 Vote

Profits are Shared Fairly

Easy Ownership

Long-term Existence

Less Taxation

Business owned and controlled by the people that purchase the products the business produces

Corporation

Examples

Ikea

Amazon

Walmart

Disadvantages

Separate Teams

Management is Harder

Taxation is Harder

Advantages

Long-term Value

Stocks

Limited Liability

A company that is entitled by law to carry out actions while being recognized as one person in law