Types and Forms of Business
Type of Business (Prateek)
Non-Profit
A non-profit business, is a tax-exempt organization formed for religious, charitable, literary, artistic, scientific, or educational purposes. The employees, trustees and shareholders do not earn any money, but most use it for their own expenses.
Examples include: Habitat for Humanity, Red Cross
E-Commerce
E-Commerce are businesses that sell products and collect payment transactions over the internet.
Examples include: Dollar Shave Club, ASOS
Manufacturing
A manufacturing business is a business that uses components, raw materials and other goods to create a finished product.
Examples include: General Motors, Proctor and Gamble
Merchandising
Most common type of business. It is a business that purchases finished products and resells them to consumers.
Examples include: Lowes, Costco
Service
A commercial business that provides a specific action to fulfill the demands of their customers.
Examples include: Netflix, Spotify
Forms of Business (Ruthy)
Co-operative
A legal entity managed and owned by the association of members (a minimum of five) and is arranged for a profit or a non-profit business. This business allows them to contribute their resources and provide access to common needs. The business is run where all members have equal voting rights regarding how much they have contributed to the business.
Guelph Campus Co-operative where a bookstore and student housing is offered.
Canadian University Press run by 90 student newspapers from secondary schools.
Sole Proprietorship
An unincorporated business that's owned and managed by only one person.
Mary's Homework Tutoring
Bobs Car Washing Service
Partnership
A non-incorporated business owned and managed by two or more people.
Microsoft, founded by Bill Gates and Paul Allen
Warner Bros founded by Sam, Jack, Harry, Albert Warner
Corporation
A business or group of people that meet a certain amount of legal requirements that allows it to become known as a single entity that has a legal existence.
Apple Inc.
Google LLC
Franchise
A system where one purchases the rights to open a location of a parent company allowing them to operate and sell goods/services that are the same as the parent company.
Examples:
McDonald's
Hilton Hotels
