Business – An Organization
The term “Business” is thought of by most people today as something that is separate from the individual or company that carries the name. In modern usage, a business is typically defined as a legally registered business or corporation organized for the purpose of conducting the trade or receiving revenue. Businesses may be either for-profit or non-profitable organizations that conduct primarily to meet a social purpose or further social causes. Although business owners to exercise control and authority over their companies, the ultimate decisions about business are made by a Board of Directors elected by shareholders at a general meeting called a shareholders’ meeting.
There are many businesses that exist today that are either sole proprietorships, partnerships, or corporations. Many businesses use one or more of these business structures as a vehicle to bring together different aspects of their activities for the benefit of the business as a whole. Some examples of businesses that have evolved through various types of business structures are airlines, theatres, publishing houses, hotels and restaurants, charities, retail stores, financial institutions, and many others. For example, the world-famous Disney Company was originally started by a man named W.B. Merger, which later became part of the Disney Empire.
There are also some aspects of businesses that are similar to sole proprietorships and corporations, such as limited liability. However, sole proprietorships and corporations have similarities in the fact that they are all privately owned businesses. Also, in some ways, they offer more flexibility than sole proprietorships. When a person begins to own a business, he or she generally takes on the entire company or partnership, regardless of how many partners are there if any. Also, when a person owns a business, s/he generally shares in its profits. This allows partners to receive a portion of a company’s profits as well as a portion of the debts of the company.