Forms Of Business

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Business English - lecture 2 notes

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Forms Of Business

  1. 1. Business types
  2. 2. <ul><li>Business is any organisation that seeks profit by providing needed goods and services </li></ul><ul><li>Profit vs. Non-profit organisations </li></ul>
  3. 3. Forms of business ownership <ul><li>Forms of business = business structure  how the business is set up </li></ul><ul><li>A sole proprietorship/ownership </li></ul><ul><li>(General) Partnership </li></ul><ul><li>Company Corporation </li></ul>
  4. 4. Public vs. Private companies <ul><li>A public company – has sold a portion of the business to the public via IPO (initial public offering) </li></ul><ul><li>“ Going public” – coming of age for companies </li></ul><ul><li>A private company – held by a handful of people, often the founder and a few others </li></ul><ul><li>Examples: Ikea International, Mars, Hallmark Cards </li></ul>
  5. 5. Limited vs Unlimited liability <ul><li>A shareholder in a limited company is not personally liable for any of the debts of the company </li></ul><ul><li>Sole proprietors and partners in general partnerships are each liable for all the debts of the business (unlimited liability) </li></ul>
  6. 6. NGO <ul><li>Non-governmental organisation </li></ul><ul><li>Non-profit organisation </li></ul><ul><li>= A non-governmental organization ( NGO ) is a legally constituted organization created by private organizations or people with no participation or representation of any government </li></ul>

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