Types and Forms of Business

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Types and Forms of Business

Types of Business

Nonprofits

Tax exempt Make a difference

Organizations that offer goods and services and don't intend to make money.

Canadian cancer society UNICEF

E-Commerce

You have high competition Less communication with customers.

Reduced overall costs. Track logistics

It is a method of buying and selling goods and services online.

Amazon Temu

Subtopic

Manufacturing

You need a lot of money to start. High cost of machinery

You can control the manufacturing based on demand. High standards of safety.

The process of manufacturing raw materials to finished goods and selling them.

Rolls royce Boeing

Merchandising

It is not necessary that the inventory will be sold. Difficulty in finding suppliers. High taxes

High profit margins More customers.

Reselling of goods by retailers to customers.

Walmart Target

Service

Advantages and disadvantages

Barbershop, restaurant

Time intensive

Don’t have to worry about inventory.

A service done to you by trained individuals for a fee

Forms of Business

Co-operative

Mutual insurance companies Credit unions

Less chance of investors to get control Disagreements

Extended knowledge Less work

Owned by multiple members who separate the profit

Franchise

Apple Disney

Commitment Federal Regulation

Brand Recognition Collaborations

A business that sells their own items by their own name

Corporation

Amazon Microsoft

Higher tax More disagreements

Easier to transfer ownership Limit personal liability

Where the business is having shareholder meetings to make votes as they’ve invested into the business

Partnership

Plumbing Accounting groups

Partners choices can affect you Disagreements

Less work in general Extended knowledge

A business run by 2 or more people where they contribute their work and skills

Sole Proprietorship

Photographers Personal Trainers

Advantages and Disadvantages

Liabilities Difficulty on making money

Fewer Taxes Full ownership

Where ownership is on 1 person giving them responsibility of their business