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Business Types

Submitted by Bernard Dreyer on December 8, 2017

Enterprise
An Enterprise is:

  • an undertaking, especially one of some scope, complication, and risk; and/or
  • a business organization; and/or
  • an industrious, systematic activity, especially when directed toward profit with willingness to undertake new ventures; initiative.
Business
A Business (also known as Company, Enterprise, or Firm) is a legally recognized organization designed to provide goods, services, or both to consumers or tertiary business in exchange for money.
Businesses are typically formed to earn profit that will increase the wealth of its owners. The owners and operators of private, for-profit businesses have as one of their main objectives the receipt or generation of a financial return in exchange for work and acceptance of risk. Businesses can also be formed not-for-profit.

Examples of Business Entities:
- Holding company
- Limited company (Ltd. or Corp.)
- Limited liability company (LLC)
- Limited liability limited partnership (LLLP)
- Limited liability partnership (LLP)
- Limited partnership (LP)
- Low-profit limited liability company (L3C)
- Not-for-profit corporation
- Partnership
- Sole proprietorship

Corporation
A Corporation is a formal business association with a publicly registered charter recognizing it as a separate legal entity having its own privileges, and liabilities distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business (see Business Entities above).

Partnership
A Partnership is an arrangement where entities and/or individuals agree to cooperate to advance their interests. In the most frequent instance, a partnership is formed between one or more businesses in which partners (owners) co-labor to achieve and share profits or losses. For most Partnership the owners receive all profits (subject to taxation specific to the business) and have unlimited responsibility for all losses and debts.

Sole Proprietorship
A Sole Proprietorship , also known as a sole trader or simply a proprietorship, is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business. The owner receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. Every asset of the business is owned by the proprietor and all debts of the business are the proprietor's.

Project
A Project in business is a collaborative work, frequently involving research or design, that is carefully planned to achieve a particular aim.
In project management a project consists of a temporary endeavor undertaken to create a unique product, service or result. Another definition is a management environment that is created for the purpose of delivering one or more business products according to a specified business case.
Project objectives define target status at the end of the project, reaching of which is considered necessary for the achievement of planned benefits.

Categories: business, project

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