A business is an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations that operate to fulfill a charitable mission or further a social cause. The primary goal of most businesses is to generate profit for their owners and shareholders.
Types of Business Structures
There are several types of business structures, each with its own legal and operational characteristics:
Sole Proprietorship: Owned by one person, easy to set up. Partnership: Owned by two or more people, sharing profits and liabilities. Corporation: A separate legal entity, offering limited liability to its owners. Limited Liability Company (LLC): Combines the benefits of both the corporation and partnership structures.