5 Types and Forms of Business

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EXAMPLES: •Apple •Ebay

EXAMPLES: •Hotel •Consultant

EXAMPLES: •MFA inc •Migros supermarket

EXAMPLES: •Subway •Goodfellas

EXAMPLES: •Google •Microsoft

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5 Types and Forms of Business Leena and Haseeb

NON-PROFIT

All money of the company goes towards fundraisers/charity

DISADVANTAGE: Non profit organization run on paperwork and the organization must keep all documents in check

ADVANTAGE: Employee benefits (group life insurance, health insurance, a pension plan)

E-COMMERCE

Transaction business of buying or selling online

DISADVANTAGE: People could have bad online behavior and could lead to eating money and identity theft

ADVANTAGE: Most people shop online. Therefore people are more likely to find your business on a website which can increase sales

MANUFACTURING

A business that uses parts or raw components to make a finished product

DISADVANTAGE: When buying raw materials you may not make money back or the cost of the material can increase/decrease depending on the amount of the raw material needed.

ADVANTAGE: High Demand; People always want to custom products made product modified

MERCHANDISING

A company that purchases finished products and resells them

DISADVANTAGE: You have to buy an item from other stores and resell it, which may not make as much money as you originally bought it for

ADVANTAGE: Bringing in people increases the amount of customers in your store because of the variety in merchandise you have in your store

SERVICE

Services are commercial enterprises that perform work by a professional team or individual

DISADVANTAGE: You may not have time to help all your customers

ADVANTAGE: Customization makes products specific to each customers needs/want

CO-OPERATIVE

Firm owned, controlled, and operated by a group of users for their own benefit

DISADVANTAGE: Lack of profit motive breeds fraud and corruption in management. This is reflected in misappropriations of funds by the officials for their personal gains.

ADVANTAGE: The liability of members is limited to the extent of their capital in the cooperative societies

FRANCHISE

Franchise is a type of license that a party (franchisee) acquires to allow them to have access to a business.

DISADVANTAGE: Bad performances by other franchisees may affect your franchise's reputation

ADVANTAGE: Small business ownership supported by the benefits of a big business network

CORPORATION

A corporation is a legal entity that is separate and distinct from its owners

DISADVANTAGE: Depending on the type of corporation, the various types of income and other taxes that must be paid can require a substantial amount of paperwork

ADVANTAGE: The shareholders of a corporation are only liable up to the amount of their investments. The corporate entity shields them from any further liability.

PARTNERSHIP

A legal form of business operation between two or more individuals who share management and profits upon an agreed amount

DISADVANTAGE: Partners share the profits equally. This can lead to inconsistency where one or more partners aren’t putting in a fair share of effort into running or managing the business, but still reaping the rewards

ADVANTAGE: Partners can share the responsibility of running the business. This allows them to make the most of their abilities

SOLE PROPRIETORSHIP

Services to assist you with your needs/wants

DISADVANTAGE: Cost

ADVANTAGE: They are confident with their work in order to give you a pleasing result