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Definition of Business - College Paper

Definition of Business

Definition of Business

Andrea Thornton
ENC1101-12_Week10
Michael Garriga
March 22, 2012

A business is an organization engaged in the trade of goods, services, or both to consumers (Business OnlineEtymology Dictionary). Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit or state-owned. A business owned by multiple individuals may be referred to as a company [HYPERLINK: http://en.wikipedia.org/wiki/Company]. The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially ...

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business, is a matter of debate and complexity of meanings.
There are a lot of different types of businesses. Sole proprietorship is one of the business ownerships it is a business owned by one person for profit. In this type of business the owner may operate alone or they could hire employees. The owner of this type of business has unlimited liability for the debts incurred by the business. That means that all the debts will go to the owner. Another type is partnership it is a business owned by at least two people but there could be more owners. There are different types of partnerships there's general partnerships, limited partnerships, and limited liability partnerships. There also is corporation it can be either government owned or privately owned. Corporations can organize for profit or even nonprofit. When the corporation is privately owned and is for profit it is owned by shareholders who elect a board of directors (What is Business?). Business goes a long ways it branches ...

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PAPER DETAILS

Added: 3/26/2012 11:41:20 PM
Submitted By: andreamoore4
Category: Business
Type: Premium Paper
Words: 449
Pages: 2

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