5 Types & 5 Forms of Business Ownership - Hajar & Alizeh

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5 Types & 5 Forms of Business Ownership - Hajar & Alizeh

Non-Profit

A type of business that operates for a specific purpose other than making a profit, this business often relies on donations, grants and fundraising to achieve their goals (eg. the Canadian red cross society, Canadian cancer society).

E-Commerce

A type of business that operates online, selling products or services over the internet, this business ranges from small independent online stores to larger national platforms (eg. shopify, amazon, ebay).

Manufacturing

A type of business that uses raw materials or components to create finished goods, this business makes most of the products that we use (eg. furniture, clothing production).

Merchandising

A type of business that sells physical products known as merchandise, it involves purchasing goods from suppliers and selling them to consumers (eg. clothing store, book store, grocery store).

Service

A type of business that provides services rather than physical products, it helps people who don't have the time or skills to complete certain tasks by themselves (eg. hairstylist, plumber).

Sources:

- netsuite.com - katanamrp.com - toppr.com

- getjobber.com - study.com - indeed.com

- amazon.com - smallbusiness.chron.com - wildapricot.com

Co-operative

Co-operative is a business where a group of people work together for their mutual benefit. they share resources, responsibilities and profits. Some examples of a co-operative business are the associated press, and best western.

Franchise

A franchise is a business where one party lets another party use their brand/product to run a business. some examples of a franchise business are McDonalds, Taco Bell, KFC, 7-Eleven and Dunkin.

Corporation

A corporation is a separated legal entity owned by shareholders, managed by directors and has limited liability. some examples of a corporation are amazon, Microsoft and Disney.

Partnership

A partnership is a business arrangement where two or more people come together to join and share profits. Some examples of a partnership business are Google, Starbucks, and adidas.

Sole Proprietorship

A sole proprietorship is a business owned or operated by one person. Some examples of a sole proprietorship business are freelance writers, graphic designers and personal trainers.