Aspects of Business

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Types of Business and Forms of Business Ownership By: Abid Istwani, Ayaan Mohammed

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Aspects of Business

Forms of business ownership

Corporation

A business operation that declares it’s business a separate legal entity operated by a board of directors

Amazon

Apple

Co-Operative

A private business owned and operated by the people who purchase its products or services.

Grocery Stores

Bakeries

Franchise

The owners (franchisors) sell the rights to their business to third party operators (franchisees).

KFC

Burger King

Partnership

A business operation shared between two people. Profits and management are shared between the two owners.

Google

McDonald's

Sole Proprietorship

A sole proprietorship is a business owned by a single person or a married couple. They report their income and profit losses on their tax returns. The owner of the business is responsible for the company's legal obligations and debts.

Landscapers

Accountants

The 5 Types of Business

Non-profit

A business formed for the greater good of nature, education, religion, etc.

E-commerce

A business that conducts transactions digitally (over the internet specifically).

Manufacturing Business

Merchandising Business

Merchandisers are businesses that purchase an inventory of items and sell them to consumers.

Service Business

When a business offers help or work in return for an agreed payment.