What is service business?

A commercial enterprise that provides work performed in an expert manner by an individual or team for the benefit of its customers. The typical service business provides intangible products, such as accounting, banking, consulting, cleaning, landscaping, education, insurance, treatment, and transportation services.

Business services are a recognisable subset of economic services, and share their characteristics. The essential difference is that businesses are concerned about the building of service systems in order to deliver value to their customers and to act in the roles of service provider and service consumer.

What is A merchandising business?

sometimes called merchandisers, is one of the most common types of businesses we interact with daily. It is a business that purchases finished products and resells them to consumers. Think of the last time you went shopping for food, household items, or personal supplies.

In the broadest sense, merchandising is any practice which contributes to the sale of products to a retail consumer. At a retail in-store level, merchandising refers to the variety of products available for sale and the display of those products in such a way that it stimulates interest and entices customers to make a purchase.

What is a Manufacturing Business?

A manufacturing business is any business that uses raw materials, parts, and components to assemble finished goods. Manufacturing businesses often employ machines, robots, computers, and humans to produce the merchandise and typically use an assembly line, which enables a product to be put together step by step, moving from one workstation to the next.

Manufacturing businesses can choose to sell their products directly to consumers, to other manufacturers, to distributors or to wholesalers.

What is a Hybrid business?

The term “hybrid business” may refer to an enterprise which does not only make use of traditional methods of distribution, but also makes use of internet technology in order to easily expand its market and make the product or service more accessible.

hybrid organisation is an organisation that mixes elements, value systems and action logics (e.g. social impact and profit generation) of various sectors of society, i.e. the public sector, the private sector and the voluntary sector. A more general notion of hybridity can be found in Hybrid institutions and governance

According to previous research hybrids between public and private spheres consist of following features:

  1. Shared ownership.
  2. Goal in-congruence and different institutional logics in the same organisation.
  3. Variety in the sources of financing.
  4. Differentiated forms of economic and social control[

 

Funding for Different Forms of Business Organisation

sole proprietorship, also known as the sole traderindividual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity. A sole trader does not necessarily work ‘alone’—it is possible for the sole trader to employ other people.

The sole trader receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. Every asset of the business is owned by the proprietor and all debts of the business are the proprietor’s. It is a “sole” proprietorship in contrast with partnerships (which have at least two owners).

A sole proprietor may use a trade name or business name other than their or its legal name. They may have to legally trademark their business name if it differs from their own legal name, the process varying depending upon country of residence

partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organisations, schools, governments or combinations. Organisations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by a contract.

corporation is an organisation—usually a group of people or a company—authorised by the state to act as a single entity (a legal entity; a legal person in legal context) and recognised as such in law for certain purposes. Early incorporated entities were established by charter (i.e. by an ad hoc act granted by a monarch or passed by a parliament or legislature). Most jurisdictions now allow the creation of new corporations through registration.

Corporations come in many different types but are usually divided by the law of the jurisdiction where they are chartered based on two aspects: by whether they can issue stock, or by whether they are formed to make a profit . Corporations can be divided by the number of owners: corporation aggregate or corporation sole.

A corporation sole is a legal entity consisting of a single (“sole”) incorporated office, occupied by a single (“sole”) natural person.

limited liability company (LLC) is the form of a private limited company.  It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.  An LLC is not a corporation under state law; it is a legal form of a company that provides limited liability to its owners in many jurisdictions. LLCs are well known for the flexibility that they provide to business owners; depending on the situation, an LLC may elect to use corporate tax rules instead of being treated as a partnership,  and, under certain circumstances, LLCs may be organised as not-for-profit. In certain countries, businesses that provide professional services requiring a state professional license, such as legal or medical services, may not be allowed to form an LLC but may be required to form a similar entity called a professional limited liability company (PLLC).

A limited liability company (LLC) is a hybrid legal entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are).

cooperative (also known as co-operativeco-op, or coop) is “an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned enterprise”. Cooperatives may include:

  • businesses owned and managed by the people who use their services (a consumer cooperative)
  • organisations managed by the people who work there (worker cooperatives)
  • multi-stakeholder or hybrid cooperatives that share ownership between different stakeholder groups. For example, care cooperatives where ownership is shared between both care-givers and receivers. Stakeholders might also include non-profits or investors.
  • second- and third-tier cooperatives whose members are other cooperatives
  • platform cooperatives that use a cooperatively owned and governed website, mobile app or a protocol to facilitate the sale of goods and services.

Research published by the World-watch Institute found that in 2012 approximately one billion people in 96 countries had become members of at least one cooperative.

 

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