Types and Forms of Business

Now-a-days many people are entering or setting their start-ups. This Pandemic has left the large scale businesses standstill. Many individuals are setting up with their small scale ventures.

Here is the look of some types and forms of Businesses….

A service

A business that provides intangible products (products without physical form). Service-oriented companies provide professional skills, experience, advice, and other similar products. The following are some examples of service companies: Business services, such as accounting, consulting, taxation, advertising, engineering, law, research institutions, computer programming, etc. Personal services, such as laundry, beauty salons, photography, car repairs, car rentals, car washes, parking lots, gyms, amusement parks, bowling alleys, golf courses, theaters, hospitals and clinics, schools, museums, banks, hotels, and motels.

Productions

Production companies are different from commodity sales. The purpose of manufacturing companies buying products is to use them as raw materials to create new products. A manufacturing company combines raw materials, labor, and overhead in its production process. Then sell the manufactured products to customers. Examples include Food processing, such as canned meat, frozen products, dairy products, bottled beverages, and bakeries. Factories that produce cotton, wool, and polyester fabrics and textiles; even garment factories that use fabrics as raw materials, cabinets, tables, chairs, and other wood, refineries, chemical laboratories, metal products, plastic and rubber production, shipyards, aircraft manufacturers, and automobile manufacturers. And many other manufacturers and factories

Trading company

This type of company buys products at wholesale prices and sells them at retail prices. They are called “buying and selling” businesses. They make earnings by selling products at a price increased than the cost of purchase. Trading companies buy and sell products without changing their appearance. Examples include all retail and distribution stores, such as department stores, grocery stores, hardware stores, clothing and accessories stores, consumer electronics, household goods, electrical stores, pharmacies, and many more.

More than one category

Many companies are involved in multiple types of businesses. They run different departments or departments for different purposes. For example, a technology company manufactures phones (manufacturing), sells (goods) through its distribution center, and provides repair and maintenance services(Service). A restaurant that combines ingredients to cook (production), sell cold beer (sales) and provide venues (services)

Personal business

A business is owned by one person. It’s easy to set up and it’s the cheapest of all forms of ownership. The holder has an unlimited drawback; This means that if the business is unable to pay, the business’s creditors can trace the owner’s assets. Small businesses often use sole ownership

Association

A partnership in which two or more people contribute capital to a business. The general partners distribute the profits of the business among themselves according to the agreed terms. In a partnership,

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