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In finances, a business also called firm or enterprise is a lawful recognized organizational entity designed to provide goods and/or services to consumers or corporate entities such as governments, contributions or other businesses. Businesses are predominant in entrepreneur economies, most being privately owned and formed to earn turnover to increase the wealth of owners. The etymology of "business" relates to the state of being busy either as an individual or club as a whole, doing commercially viable and lucrative work. The term "business" has at least three usages, depending on the possibility — the singular usage (above) 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 wide meaning to include all activity by the community of suppliers of goods and services. However, the exact definition of business, like much else in the values of business, is a matter of debate. Business Studies, the study of the management of individuals organizing to maintain collective production toward achieve particular creative and productive goals (usually to generate profit), is taught as an academic subject in many schools. Basic forms of ownership Sole proprietorship: 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 of the debts incurred by the business. joint venture: 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 of the amount outstanding incurred by the partnership. There are three sorting of partnerships: general partnerships, limited partnerships, and limited liability partnerships. Corporation: A business corporation is a for-profit, limited liability entity that has a dividee legal personality from its members. A corporation is owned by multiple investor and is overseen by a board of directors, which hires the business's managerial staff. Cooperative: A cooperative is a for-profit, limited liability entity, differs from a corporation in that it has members, as opposite to shareholders, who share decision-making authority. Cooperatives are classified as either consumer cooperatives or worker cooperatives.
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