Types of Business based on Activities

1. SERVICE BUSINESS 2. MERCHANDISING BUSINESS

3. Manufacturing Business
this converts raw materials, labor and overhead into finished products that are available for sale to customers.
examples: car Manufacturers Electronic parts Manufacturers Producer of drugs and other medical products

4. Other Business
This includes businesses that cant be classified as SERVICE, MERCHANDISING or MANUFACTURING BUSINESS.
Examples: Agriculture and Mining companies These companies are engaged in producing or exploration of raw materials such as plants and minerals.

TYPES OF BUSINESS ACCORDING TO OWNERSHIP STRUCTURES

1. SOLE PROPRIETORSHIP
The simplest form of business Is a business that is owned by a SINGLE INDIVIDUAL who has a full control and authority in running this kind of business. PROPRIETOR- the owner of the business.

1. SOLE PROPRIETORSHIP
Advantages setting up and administering the business is comparatively easy and inexpensive. the tax is simplicity. Own 100% of your business receive all income generated by the business to keep or reinvest. The business is easy to dissolve, if desired. Youre the one that runs your small business and no one else can tell you what to do or how to do it.

1. SOLE PROPRIETORSHIP
Disadvantages Sole proprietors have unlimited liability and are legally responsible for all debt against the business. raising funds and are often limited to using funds from personal savings or consumer loans. Raising capital can be quite difficult continuity and transferability

2. PARTNERSHIP .
Is a business that is owned by two or more individual partners.

Types of Partnership A. General Partnership each partner is jointly and severally liable for the debts of the partnership B. Limited Partnership is an arrangement where a person can contribute to a business without being involved in the affairs of the partnership.

2. PARTNERSHIP
Advantages: A partnership can sign contracts and borrow money in its own right, which eases some of the liability burden a sole proprietorship would bear. tax simplicity equal responsibility and authority to run the business. A partnership may benefit from the combination of complimentary skills of two or more people. There is a wider pool of knowledge, skills and contacts. Partnerships provide moral support and will allow for more creative brainstorming. relatively easy to establish; however time should be invested in developing the partnership agreement. In a partnership agreement, the following arrangements, among others, should be spelled out: 1. How the business will be financed. 2. Who will do what work. 3. What happens if a partner dies. 4. What happens if one or both partners want to dissolve the partnership.

2. PARTNERSHIP
Disadvantage: As a partner, you can also be held responsible for any wrongful act or omission by other partners acting in the ordinary course of the firm's business Profits must be shared with others. You have to decide on how you value each others time and skills. What happens if one partner can put in less time due to personal circumstances? The partnership may have a limited life; it may end upon the withdrawal or death of a partner. Since decisions are shared, disagreements can occur

3. CORPORATION
Is a business that is owned by its shareholders. is a legal entity separate from the persons that formed it The shareholders elect a Board of Directors who hires managers to manage the corporation There are 3 characteristics of a Corporation: Limited liability Transferable shares Centralized management under a board of structure

3. CORPORATION
A Corporation can be either stock or non-stock company regardless of nationality. Stock Corporation This Corporation with capital stock divided into shares and authorized to distribute to the holders such shares dividends or allotments of the surplus profits on the basis of the shares held. Non-Stock Corporation This is a Corporation organized principally for public purposes such as foundations, charitable, educational, cultural or similar purposes and does not issue shares of stock to its members

End of Presentation

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