What is business?/ Types of business?
First of all what is business? A business is an organization
or economic system where goods and services are exchanged
for one another or for money. Business is extremely
important as well because it is an essential for country economy.
Why is it important? Well a business creates job opportunities
and because they need people to sell their goods and services,
this also gives people with no jobs the opportunity to earn money
for themselves or family.
There are also 3 types of business which are a Sole Trader, this
type of business is owned or managed by one individual,
meaning that all the debts and after-tax profits are personally yours,
this is called unlimited-liability. The next one is a Partnership, this
is where a business operates between two or more individuals who
share management and profits and last but not least is a Private
Limited Company. This type of business is a private business that
is held by a small business entity to having 50 or fewer shareholders
and shares a prohibited from being publicly traded.
After all business is important to many people and hopefully I
have given you a quick update on what I am learning in class
and hopefully you have learnt something from it.
