Five types of businesses

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Five types of businesses

Franchises

Uber

Tim Hortons

-One business licences the rights to its name, operating procedure, designs, and business expertise to another business

Partnerships

Hewlett packcard

Warner brothers

-It is usually operated by two or more individual. -they share the cost of responsibilities of a running business.

Co-operatives

Home Hardware

Canadian Press

-It is a business owned by the worker or by members who buy the products or use the services that the business offers . -The profits are distributed according to how much each member spends at the co-operative.

Corporations

Coca Cola Company

7-eleven

-A business granted legal status with rights, privileges, and liabilities that are distinct from those of the people who work for the business. -Can be as small as one person or something large such as Multinational. -Most are owned entirely by individuals, families, and small groups.

Proprietorships

Examples:

Mesh

Foreign Professionals of Canada

-A business by one person. -Owner owns all equipment and many own the building. -Uses their own money to run their business.