5 TYPES AND FORMS OF BUSINESS OWNERSHIP

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Types of Business and Forms of Business Ownership By: Abid Istwani, Ayaan Mohammed

par AI - 10ML - Rick Hansen SS (2542)

Copy of the Accounting G11: Chapter 1 Concept Map

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5 TYPES AND FORMS OF BUSINESS OWNERSHIP

Deep and Amanda

Co-operative

housing cooperatives

electric cooperatives

Agricultural cooperatives

DEFINITION: A private business organization that is owned and controlled by people who use its products, supplies, or services

Franchise

UPS

Subway

McDonald’s

DEFINITION: A franchise is a business owned by an entrepreneur or an entrepreneurial group which they offer products or services labeled by a corporation that provides assistance to the business

Corporation

Macy’s

Google

Microsoft Corporation

DEFINITION: A business that declares a separate and a legal entity guided by a group of officers also known as the board of directors

Sole Proprietorship

Example

Tutor

Fitness Instructor

Housekeepers

DEFINITION: A business that legally has no separate existence from its owner.

Partnership

Examples

Spotify & Uber

kanye and Adidas

Red bull & GoPro

DEFINITION: A business that includes two or more individuals that share management and profits

MANUFACTURING

APPLE INC

TOYOTA

BAKERIES

DEFINITION:Any business that use, raw, components or parts to make a finished good

NON-PROFIT

RED CROSS

HABITAT FOR HUMANITY

SALVATION ARMY

DEFINITION: a tax exempt organization formed by charitable, religious, literary, educational purposes etc Where shareholders do not benefits financially

MERCHANDISING

URBAN OUTFITTERS

SPORTCHEK

WALMART

DEFINITION: A merchandising business will generally buy their products from a wide range of companies domestically and internationally and market their products in stores

SERVICES

TRAVEL AGENTS

TRANSPORTATION (UBER)

BEAUTY SALONS

DEFINITON: service businesses are those that provide an activity or the performance of a task with a commercial purpose.

E-COMMERCE

EXAMPLES

FASHIONOVA

KIJIJI

AMAZON

DEFINITION:buying and selling of goods and services or transmitting of funds and data online