Business: Meaning of Business and Types of Businesses SYS366 Business: Meaning of Business and Types of Businesses

Today What is a Business Type of businesses For Profit Not For Profit Private Public Publically owned Crown Corporations Cooperatives Not For Profit

What is a Business? A business is a legally recognized organization designed to provide goods or services, or both, to consumers, businesses and governmental entities.[1] source: Wikipedia  

What is the meaning of the word Business? archaic : purposeful activity : BUSYNESS The original meaning of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. ** source: Wikipedia

What is the meaning of the word Business? The term "business" has at least three usages, depending on the scope — the singular usage to mean a particular company or corporation, the generalized usage to refer to a particular market sector, such as "the music business" and compound forms such as agribusiness, or the broadest meaning to include all activity by the community of suppliers of goods and services. source: Wikipedia

Market Sectors The term market sector is used in economics and finance to describe a set of businesses that are buying and selling such similar goods and services that they are in direct competition with each other. source: Wikipedia

Market Sectors Retail: Financial: Insurance: Manufacturing: Service: Education: Health: Transportation: Real estate Etc.

Types of Businesses For Profit Not for profit or non profit (NPO) Private Public Publically owned Crown Corporations Cooperatives Not for profit or non profit (NPO)

For Profit Businesses A business is typically formed to earn profit that will increase the wealth of its owners and grow the business itself. The owners and operators of a business have as one of their main objectives the receipt or generation of a financial return in exchange for work and the acceptance of risk.” * *source: Wikipedia

Privately held Business A privately held company is a company owned either by non-governmental organizations or by a relatively small number of shareholders or company members which does not offer or trade its company stock (shares) to the general public on the stock market exchanges, but rather the company's stock is offered, owned and traded or exchanged privately. source: Wikipedia

Types of Privately owned companies Sole proprietorship: A sole proprietorship is a business owned by one person. The owner may operate on his or her own or may employ others. The owner of the business has total and unlimited personal liability for the debts incurred by the business. This form is usually found in small businesses. source: Wikipedia

Types of Privately owned companies Partnership: A partnership is a form of business in which two or more people operate for the common goal of making profit. Each partner has total and unlimited personal liability for the debts incurred by the partnership. There are three typical classifications of partnerships: general partnerships, limited partnerships, and limited liability partnerships. source: Wikipedia

Types of Privately owned companies Corporation: A corporation is a for-profit, limited liability or unlimited liability entity that has a separate legal personality from its members. A corporation is owned by multiple shareholders and is overseen by a board of directors, which hires the business's managerial staff. source: Wikipedia

Corporations Corporate models have also been applied to the government sector in the form of Government-owned corporations. A corporation may be privately held (that is, close – which means held by a few people) or publicly traded. source: Wikipedia

Publically owned Business Public property is property which is owned collectively by the people as a whole. This is in contrast to private property, owned by a individual person or artificial entities that represent the financial interests of persons, such as corporations.[1] Government ownership, also called public ownership, are property interests that are vested in the individual province or municipality rather than an individual or communities.[2] source: Wikipedia

Public Company A public company or publicly traded company is a company that has permission to offer its registered securities (stock, bonds, etc.) for sale to the general public, typically through a stock exchange. * source: Wikipedia

Crown Corporations Crown corporations are enterprises owned by the federal government of Canada (the Queen in Right of Canada[1]), one of Canada's provincial governments (the Queen in right of a province) or one of the territorial governments. Crown corporations have a long standing presence in the country and have been instrumental in the formation of the “state”. source: Wikipedia

Crown Corporations Crown corporations are involved in everything from the distribution, use, and price of certain goods and services to energy development, resource extraction, public transportation, cultural promotion, and property management. source: Wikipedia

Privatization Privatization is the process of transferring ownership of a business, enterprise, agency or public service from the public sector (the province or government) to the private sector (businesses that operate for a private profit) or to private non-profit organizations. source: Wikipedia

Privatization Privatization refers to transfer of any government function to the private sector - including governmental functions like revenue collection and law enforcement.[1] source: Wikipedia

Cooperatives A cooperative (also co-operative; often referred to as a co-op) is a business organization owned and operated by a group of individuals for their mutual benefit.[1] A cooperative may also be defined as a business owned and controlled equally by the people who use its services or by the people who work there. source: Wikipedia

Types of Cooperatives Housing Building Utility Agriculture Credit Unions and Cooperative Banking source: Wikipedia

Not-for-Profit Organization A non-profit organization (abbreviated as NPO, also known as a not-for-profit organization[1]) is an organization that does not distribute its surplus funds to owners or shareholders, but instead uses them to help pursue its goals.[2] source: Wikipedia

Not-for-Profit Organizations Examples of NPOs include charities (i.e. charitable organizations), trade unions, and public arts organizations. They are in most countries exempt from income and property taxation. source: Wikipedia

Not-for-Profit Organizations Most governments and government agencies meet this definition, but in most countries they are considered a separate type of organization and not counted as NPOs. source: Wikipedia

Examples of Not-for-Profit Organizations Atkinson Foundation Bill and Melinda Gates Foundation Habitat for Humanity (Canada) CEO of Habitat for Humanity Toronto Free the Children Craig and Marc Kielburger Me to We

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