Types and Forms of Businesses

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Types and Forms of Businesses

Types Of Business

Disadvantages

intangible

Service

Definition

A service is when someone else is doing something for you

Examples [in real life]

Plummer

Babysitting

Merchandising

Not having enough customers

Finding customers

Having inventory

Cost

Merchandising goods to be bought and sold

Example [In real life]

Walmart

Mcdonalds

Manufacturing

Producing produc

Purchasing equipment

it can be costly

is any business that uses components, parts , or raw materials to make a finished good

Examples [In real life]

Clothes fixer place

Shoe store

E-Commerce

When buying something online you won't be able to touch the item or see it in person

Commercial transactions conducted electronically on the internet

Indigo

Subtopic

Fashion Nova

Non-Profit

Disadvantage

Social pressure

Forced to discontinue service

Limited funding

Not making or conducted primarily to make a profit

Examples[In real life]

The boys and girls club

May qualify for group discounts

Funds are reinvested back in the organization

They do not pay taxes

Amazon

Low operation cost

Easy To find products

Faster buying / selling procedure

Furniture store

Highly valued benefits

Workers tend to earn 7% more than their counterparts

You produce your own good

Winners

Advantage

Improving shopping experiences for customers.

Pricing, displays

Product packaging

Promotional marketing

Advantages

Advantage for a service is having your on product and inventory

Types of Business Ownership

Co-operative

Definition: A business that is owned by a group/organization of members. It Is suitable for when businesses and individuals want to combine their resources to give access for different needs.

Franchise

Definition: Is when the original business owner gets a licence for the use of the trade name for a price/fee.

Corporation

Definition: A corporation is a legal entity that is separate from its shareholders. The shareholders are also not held personally responsible for any debts from it.

Partnership

Architectural firms

Law Firms

Definition: Is a business created by 2 or more people that is non-incorporated. They share management and profits.

Sole Proprietorship

Examples

Landscaper

Tutor

Definition: A business that is owned by one person (they are the sole owner). They are responsible for making the decisions.