A business is defined by the Internal Revenue Service as a corporation, partnership, limited liability company, unincorporated agreement, public corporation, or any similar type of entity. A business can be a sole proprietorship, a partnership, a C corporation, or sole proprietorship and corporation combination. Many businesses are privately held instead of publicly held and are considered a private business. There are many types of businesses but the most common are partnerships, business corporations, and sole proprietorships.
A business, as stated before, is any type of organized entity designed to exchange goods or services with others to produce a profit. Businesses may be sole proprietors, partnerships, C corporations, LLCs, and businesses corporations. Each business has its own main article of business that determines the type of duties, privileges, powers, and immunities that the business owner has. Some examples of main articles of business are the owner, manager, general partner, and shareholders. The articles of business for most businesses include services or goods sold, capital funds used to acquire capital assets, sources of income, property used to carry on business, accounts receivable, inventory, working capital, supplies, machinery, and vehicles used to perform business. Each main article of business must contain a detailed description of its nature, powers, and responsibilities. Learn more about Gregory Packs their other services by visiting their official sites.
The main article of business for a business, which is also the most general, is called the word of mouth publicity. It includes all of the activities that result in creating or building reputation and impressions. Human resources, the second most general article of business, refers to individuals or groups that achieve common goals, practices, or methods of management that result in production of goods and services. Intellectual property, the third article of business, is the exclusive right to use, reproduce, adapt, develop, distribute, perform, and prepare derivative works based on the contents of an original work.
The fourth main article of business is called assets and liabilities. It describes the total worth of the tangible and intangible assets owned by the entity. It usually includes personal property, capital assets, financial assets, property used in carrying on business, liability, and assets purchased with capital. These often used words to describe such things as cash, marketable securities, accounts receivable, accounts payable, and the intangible assets that make up a business.
The fifth article of the business involves two words, partnership and corporation. They both are used to describe a relationship between two or more people. A partnership is a group of two or more people who control the assets of a corporation or limited liability entity. In a corporation, the shareholders of a corporation are considered the partners in relation to the corporation and therefore are liable for the corporation’s debts and obligations.
The final main article of business for a business refers to corporation and partnership. A partnership refers to a group of two or more people who manage and control a business together. They have voting rights and can create additional partners if needed. A corporation is an entity that has been set up as a legal entity by a statute or other legal means.