List of business entities Forms of business ownership vary by jurisdictionbut several common entities exist:
List of business entities Forms of business ownership vary by jurisdictionbut several common entities exist: A sole proprietorshipalso known as a sole trader, is owned by one person and operates for their benefit. The owner operates the business alone and may hire employees. A sole proprietor has unlimited liability for all obligations incurred by the business, whether from operating costs or judgments against the business.
All assets of the business belong to a sole proprietor, including, for example, computer infrastructure, any inventorymanufacturing equipment, or retail fixturesas well as any real property owned by the sole proprietor. A partnership is a business owned by two or more people.
In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. The three most prevalent types of for-profit partnerships are: The owners of a corporation have limited liability and the business has a separate legal personality from its owners.
Corporations can be either government-owned or privately owned. They can organize either for profit or as nonprofit organizations.
A privately owned, for-profit corporation is owned by its shareholderswho elect a board of directors to direct the corporation and hire its managerial staff. A privately owned, for-profit corporation can be either privately held by a small group of individuals, or publicly heldwith publicly traded shares listed on a stock exchange.
Often referred to as a "co-op", a cooperative is a limited-liability business that can organize as for-profit or not-for-profit.
A cooperative differs from a corporation in that it has members, not shareholders, and they share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives.
Cooperatives are fundamental to the ideology of economic democracy. Limited liability companies LLClimited liability partnerships, and other specific types of business organization protect their owners or shareholders from business failure by doing business under a separate legal entity with certain legal protections.
In contrast, unincorporated businesses or persons working on their own are usually not as protected.
A franchise is a system in which entrepreneurs purchase the rights to open and run a business from a larger corporation. One out of twelve retail businesses in the United States are franchised and 8 million people are employed in a franchised business.
Commonly used where companies are formed for noncommercial purposes, such as clubs or charities. The members guarantee the payment of certain usually nominal amounts if the company goes into insolvent liquidationbut otherwise, they have no economic rights in relation to the company.
This type of company is common in England. A company limited by guarantee may be with or without having share capital. A company limited by shares.A business name structure does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for all debts incurred by the business.
If the business acquires debts, the creditors can go after the owner's personal possessions. Definition of plan - a detailed proposal for doing or achieving something, an intention or decision about what one is going to do, a detailed map or di Definition of plan in English: plan.
1 A detailed proposal for doing or achieving something. ‘the UN peace plan’ More example sentences ‘If the proposed plans go ahead there is a. Definition of business plan: Set of documents prepared by a firm's management to summarize its operational and financial objectives for the near future (usually one to .
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Also, as you read through several plans, you might find. 1: a building or structure typically higher than its diameter and high relative to its surroundings that may stand apart (such as a campanile) or be attached (such as a church belfry) to a larger structure and that may be fully walled in or of skeleton framework (such as an observation or transmission tower).
plan (plăn) n. 1. An orderly or step-by-step conception or proposal for accomplishing an objective: a plan for improving math instruction. 2. A proposed or intended course of action: had no plans for the evening. 3. A systematic arrangement of elements or important parts; a configuration or outline: a seating plan; the plan of a story.
4. A drawing or.