Types and Forms of Businesses

5 Forms of Businesses

SOLE PROPRIETORSHIP

- A sole proprietorship is a form of business which is owned by one person. The owner has all the responsibilities, starting from making decisions, receiving all profits, and claiming losses.

EXAMPLES:
-Local grocery/convenience stores
-IT consultation service

PARTNERSHIP

-A business co-owned by two or more individuals who share management as well as profits

EXAMPLES:
- Ben and Jerry's
- Google
- Hewlett-Packard

CORPORATION

-Form of business operation that is a separate legal entity guided by a group of officers known as the board of directors.

EXAMPLES:
- The Bank of Canada
- Ford
- Nova Scotia Power

FRANCHISE

- A business in which the owners sell the rights to their business to third party retail outlets, often referred to as “franchisees”

EXAMPLES:
- Canadian Tire
- Pizza Pizza
- Second Cup

CO-OPERATIVE

- A business or organization owned as well as operated for the benefit of the individuals using their service

EXAMPLES:
- MEC
- Housing Co-operatives

5 Types of Businesses

SERVICE

-The service is provided by an individual or a teem to the consumer.
-The product are not like the products from grocery store or mall.

EXAMPLES: carpet dyeing, computer repair and tutoring.

MERCHANDISING

- purchases goods from other business or producers and sells them to the consumers.
- buy the product in large quantities and sells them in small size to the costumers

EXAMPLE: - Walmart, the home depot, and dollarama

MANUFACTURING

- Uses raw materials and components to make a final product.

- either sell their product to the consumers or to the merchandising business.

EXAMPLES: Adidas, acme bricks, and bata stones.

E-COMMERCE

- buying or selling of good through the internet.

EXAMPLES:- Amazon, Fashion nova, Wish, and eBay

NON-PROFIT

- beneficial to the society without any profits to the business.
- usually a charitable organisation

EXAMPLE:- save the children, habitat for humanity, and the nature conservancy