In economics, a business also called firm or enterprise is a officially recognized organizational body 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 society as a whole, doing commercially viable and gainful 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 widespread usage to refer to a particular market sector, such as "the music business" and multiple forms such as agribusiness, or the extensive meaning to include all activity by the society of suppliers of goods and services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate.
Business Studies, the learn of the management of individuals organizing to maintain collective productivity toward achieve particular creative and productive goals (usually to generate profit), is taught as an speculative subject in many schools.
Basic forms of ownership
Sole proprietorship: A business possess by one person. The owner may function on his or her own or may employ others. The owner of the business has total and limitless personal liability of the debts incurred by the business.
Partnership: A form of business in which two or more people operate for the common objective of making profit. Each partner has total and limitless personal liability of the debts incurred by the partnership. There are three classifications of partnerships: general partnerships, limited partnerships, and limited liability partnerships.
Corporation: A business corporation is a for-profit, limited burden entity that has a separate legal personality from its members. A corporation is owned by multiple depositor 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 associate, as divergent to shareholders, who share decision-making authority. Cooperatives are secret as either consumer cooperatives or worker cooperatives.
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