Business.site - Business - The New York Times

Business types range from limited liability companies to sole proprietorships, corporations, and partnerships. Some businesses run as small operations in a single industry while others are large operations that spread across many industries around the world. Apple and Walmart are two examples of well-known, successful businesses.

The purpose of every business is to offer/add value to their customers’ lives through the products or services they offer. Every business markets its offerings with the promise of making its consumers’ lives a bit better by adding value. And the purpose of business is to act on this promise.

All assets of the business belong to a sole proprietor, including, for example, a computer infrastructure, any inventory, manufacturing equipment, or retail fixtures, as well as any real property owned by the sole proprietor. A partnership is a business owned by two or more people.

Business consists of economic activities involving production, purchase and sale of goods and services in order to satisfy the needs of society and to earn profit in the process, Technically the term ‘business’ is derived from the word ‘busy’. This means that someone is busy in earning profit through the process of purchase and sale.