The Many Business Models

A business is defined according to the International encyclopedia of the Social and Ethical Problems, as an organized set of persons or organizational forms in business activity aimed at satisfying socially recognized needs and the fulfillment of people’s needs and interests. A business can be either for-profit or non-profitable organizations that conduct business to meet a social objective or further an existing social cause or to satisfy a personal need. The field of business has many aspects such as marketing, research and development, accounting, supply chain management, and administration. These aspects are related in many ways such as financial, strategic, planning, and operations.

One of the main types of business organization is a sole proprietorship; a sole proprietor is treated as the main shareholder of the business organization. Under this classification, the business operator is treated as the owner of the business. The other main types of business organization include partnership, corporation, partnership, limited liability company (LLC), and LLC. Each main type of business organization has their own advantages and disadvantages to consider and decide which one would be the best option and suit your specific needs.

There are several other types of business that are not sole proprietors and are considered as partnerships. Examples of these types of businesses include corporations with share ownership, cooperative businesses, limited liability partnerships (LLPs), and ownership by many businesses. All these business structures have their own pros and cons that must be assessed before a decision is made as to which structure would be best for you. There are many businesses out there that are managed through a sole proprietorship or a partnership; however, these two main types have their own unique advantages and disadvantages that should be evaluated and assessed before making any final decisions.