Types of business ownership

In economics, business is the social science of managing people to organize and maintain collective productivity toward accomplishing particular creative and productive goals, usually to generate profit.
The etymology of "business" refers to the state of being busy, in the context of the individual as well as the community or society. In other words, to be busy is to be doing commercially viable and profitable work.
The term "business" has at least three usages, depending on the scope — the general usage (above), the singular usage to refer to a particular company or corporation, and the generalized usage to refer to a particular market sector, such as "the record business," "the computer business," or "the business community" -- the community of suppliers of goods and services.
The singular "business" can be a legally-recognized entity within an economically free society, wherein individuals organize based on expertise and skills to bring about social and technological advancement.
In predominantly capitalist economies, businesses are typically formed to earn profit and grow the personal wealth of their owners.
The owners and operators of a business have as one of their main objectives the receipt or generation of a financial return in exchange for their work — that is, the expense of time and energy — and for their acceptance of risk — investing work and money without certainty of success.
Notable exceptions to this rule include cooperative businesses and government institutions.
However, the exact definition of business is disputable as is business philosophy; for example, some Marxists use "means of production" as a rough synonym for "business"; however a more accurate definition of "means of production" would be the resources and apparatus by which products and services are created.
Control of these resources and apparatus results in control of business activity, and so, while they are very closely related, they are not the same thing.
Socialists advocate either government, public, or worker ownership of most sizable businesses. Some advocate a mixed economy of private and state-owned enterprises. Others advocate a capitalist economy where all, or nearly all, enterprises are privately owned.
Business Studies is taught as a subject in many schools.There are a number of types of business unit:
Sole Proprietorship: a business owned by one person. The owner may operate on their own or may employ others. The owner of the business has total and unlimited personal liability of the debts incurred by the business.
Partnership: A partnership is a form of business in which two or more people operate for the common goal of making profit. Each partner has total and unlimited personal liability of the debts incurred by the partnership.
Cooperative Business: (often referred to as a Co-Op business or Co-Ops) use a cooperative business structure: for-profit, limited liability, but with members of the co-op share decision-making authority. Co-Ops normally fall into three types: consumer co-ops, producer co-ops (common in agriculture) and worker-owned companies. Co-Ops are fundamental to the ideology of Economic democracy.
Limited Companies
Private Limited Company (Ltd): a small to medium sized business that is often run by the family or the small group who own it. The owners and managers are only liable for the business up to the amount they have invested in the company, and are not liable for the debts incurred by the company unless they have signed a personal guarantee.
Public Limited Company (Plc): a business with limited liability, a wide spread of shareholders and in the UK, a share capital of over £50,000. The owners and managers are only liable for the business up to the amount they have invested in the company, and are not liable for the debts incurred by the company (unless they have signed a personal guarantee, which usually is not the case for a large corporation).
In the United States and some other countries, a limited company is known as either a corporation or a limited liability company.
Franchise: a new and popular form of business, especially in the United States. This is where an individual or small business (the franchisee) is given the right to use the identity and sell the products or services of another firm (franchisor). The chances of success for the franchisee are high, however a small portion of the profits must go to the franchisor. Examples of this form of business ownership include McDonalds, Burger King and the Body Shop.

Commercial Street, Bangalore. India
There are many types of businesses, and, as a result, businesses can be classified in many ways. One of the most common focuses on the primary profit-generating activities of a business, for example:
Manufacturers produce products, from raw materials or component parts, which they then sell at a profit. Companies that make physical goods, such as cars or pipes, are considered manufacturers.
Service businesses offer intangible goods or services and typically generate a profit by charging for labor or other services provided to government, other businesses or consumers. Organizations ranging from house decorators to consulting firms to restaurants and even to entertainers are types of service businesses.
Retailers and Distributors act as middle-men in getting goods produced by manufacturers to the intended consumer, generating a profit as a result of providing sales or distribution services. Most consumer-oriented stores and catalogue companies are distributors or retailers.
Agriculture and mining businesses are concerned with the production of raw material, such as plants or minerals.
Financial businesses include banks and other companies that generate profit through investment and management of capital.
Information businesses generate profits primarily from the resale of intellectual property and include movie studios, publishers and packaged software companies.
Utilities produce public services, such as heat, electricity, or sewage treatment, and are usually government chartered.
Real estate businesses generate profit from the selling, renting, and development of properties, homes, and buildings.
Transportation businesses deliver goods and individuals from location to location, generating a profit on the transportation costs
There are many other divisions and subdivisions of businesses. The authoritative list of business types for North America (although it is widely used around the world) is generally considered to be the North American Industry Classification System, or NAICS. The equivalent