1.4 types of business & ownership

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Non-Profit

Habitat for Humanity builds houses & supplies people with necessities needed

Organizations with a mission

All money earned is put back into the company

Corporation

Many big companies that we see everyday are corporations examples are Google, Ford, Microsoft, Ikea, Macys, Ebay, Dell, and Sony.

A corporation is a type of business that is considered legally separate from the owners and shareholders unlike sole proprietorships and partnerships

e-Commerce

Social media can direct customers to sites, ex. eBay

sells goods worldwide through an online platform

The transaction of buying & selling goods & services online

Manufacturing

Interactive Toy Concepts builds toys and sells the product to stores & consumers

Rubber is bought, made into tires, then sold to the market

Raw materials are bought, goods are manufactured, the products are sold

Merchandising

Grocery stores buy produce from farms & sell them at higher prices

Canadian Surplus Distributor supplies goods to stores & companies

they buy goods & products then sell them to other corporations

Buy & sell business

items bought at whole price, sold at retail price

Co-operative

Dairy farmers of Canada, DLG group, WGZ bank are all examples of co-operative organizations.

A co-op is a business owned and used to benefit its members. It is made when several people have a need and work together to fix it.

Franchise

Examples are McDonalds who have many restaurants which are considered franchises and owned by one person. As well as the Toronto Raptors who are an NBA franchise, owned by MLSE but their rules follow the NBA.

A franchise is a business that is legally started by using other companies ideas and design, the company guides you to what to do.

Partnership

There are a a lot of businesses that started of as partnerships then became very successful and became corporations. Some notable examples are McDonalds, Microsoft, HP, and twitter

A partnership is a business owned by several people working as partners. They both contribute their assets and work to the business and then share the profit evenly.

Sole Proprietorship

A convenience store is a type of sole Proprietorship because there is one owner that makes all the decisions.

Sole Proprietorship is a simple business that is owned by one person. The business and owner are considered to be one entity by the government.

Service Businesses

Schools teach children & provide them with knowledge

Sells work done by by professionals

Sells intangible objects to create ease