Types of business- 4 types of business

There are four types of business,
1 Sole proprietorship
2 Partnership
3 Company/cooperation
4 Cooperative Society


Sole Proprietorship:

It is the business which is owned by a single owner who is referred as 
Sole proprietorship. 
It enjoys lots of benefits which other ownership cannot. 
It has many advantages just like, 
1 Ownership of all profits
2 Ease of Formation 
3 Ease of Dissolution 
4 Tax Saving 
5 Secrecy 
6 Freedom of Action 
7 Low Cost 

It has also some disadvantages just like,
1 Unlimited Liability
2 Difficulties In Management
3 Limited Size
4  Lack Of Opportunities For Employees


Partnership:

It is the business which is owned by two or
more persons.
Features Of Partnership
1 At least two partners
2 There must be an agreement, written or oral.
3 The business must be for profit and etc.

Partnership has some advantages which are following,
1 Large Capital
2 High Credit Standing
3 Combined Judgement And Skills
4 Personal Interest
5 Tax saving etc.

And it has some disadvantage also,
1 Unlimited Liability
2 Divided Control And Management
3 Lack Of Continuity
4 Disagreement among the partners etc.


Company/Cooperation:

A company or cooperation is defined as
 "an artificial being, intangible, invisible but existing 
in contemplation of law.

Advantages for a company, 
1 Limited Liability 
2 Transfer of Ownership 
3 Large Size
4 Ease of Expansion 
5 Long Life
6 Legal Entity etc. 

Disadvantage for a company 
1 Taxation 
2 Organizational Expenses 
3 Lack Of Secrecy
4 Lack of Credit Standing 
5 Lack of Personal Interest etc. 

Cooperative Society:

The cooperative society is the group of
 people or Institutions that come into
 existence to Offer various services to
 its members. 

Advantages Of Cooperative Society 
1 Continuity 
2 Low Prices 
3 Loans
4 House Loans

Disadvantages of Cooperative Society 

1 Fee Payment
2 Unlimited Liability
3 Payment Of Service Charges
4 Difference Of Opinion

I hope this post will help you to know
More about business and types of business.
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