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Are you planning to set up your own business? First of all, congratulation on your thought. You must have some ideas and resources that you want to work on. Opening a business is possible for all but for being a good businessman you need to be very efficient, need to look and think before you do any type of transaction. Firstly allow me to ask you some basics on business.

So, what is a business? It can be defined as any financial activity that involves the selling of products or services from one side and buying of the same from the other side. The main intention of any business is to earn the profit. It does involve earning of reputation and thus establishing a brand name for the business. To help you out here are a short description of the five most important types of business;

  • Sole Proprietorship: it can be defined as the business form that can be started by any individual.
  • Partnership: It can be defined as the form of the business that is being started with two or more persons.
  • Limited Partnership: It can be termed as he form of the business that has tow or more partners and others are the limited partners.
  • Corporation: It can be termed as the form of the business that consists of a number of shareholders who hold some stocks in the startup business.
  • Nonprofit Organization: A business that does not involve any kind of profit rather interested in charitable work is called the nonprofit organization.
With all this information in hand, you can now setup your own business.



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