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A business (also called a company, enterprise or firm) is a legally recognized organization designed to provide goods and/or services to consumers.[1] Businesses are predominant in capitalist economies,
most being privately owned and formed to earn profit that will increase the wealth of its owners and grow the business itself. 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 work and acceptance of risk. Notable exceptions include cooperative enterprises and state-owned enterprises. Businesses can also be formed
not-for-profit or be state-owned.
The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable
work. The term "business" has at least three usages, depending on the scope — the singular usage (above) to mean a particular company or corporation, the generalized usage to refer to a
particular market sector, such as "the music business" and compound forms such as agribusiness, or the broadest meaning to include all activity by the community of suppliers of goods and
services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate and complexity of meanings
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Commercial law
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Most commercial transactions are governed by a very detailed and well-established body of rules that have evolved over a very long period of time, it being the case that governing trade and commerce was a
strong driving force in the creation of law and courts in Western civilization.
As for other laws that regulate or impact businesses, in many countries it is all but impossible to chronicle them
all in a single reference source. There are laws governing treatment of labor and generally relations with employees, safety and protection issues (OSHA or Health and Safety), anti-discrimination laws
(age, gender, disabilities, race, and in some jurisdictions, sexual orientation), minimum wage laws, union laws, workers compensation laws, and annual vacation or working hours time.
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In some specialized businesses, there may also be licenses required, either due to special laws that govern entry into certain trades, occupations or professions, which may require special education, or by local
governments. Professions that require special licenses range from law and medicine to flying airplanes to selling liquor to radio broadcasting to selling investment securities to selling used cars to roofing. Local
jurisdictions may also require special licenses and taxes just to operate a business without regard to the type of business involved.
Some businesses are subject to ongoing special regulation. These
industries include, for example, public utilities, investment securities, banking, insurance, broadcasting, aviation, and health care providers. Environmental regulations are also very complex and can impact many
kinds of businesses in unexpected ways.
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Classifications
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Wall Street, Manhattan is the location of the New York Stock Exchange and is often used as a symbol for the world of business.There are many types of businesses, and because of this, businesses are
classified in many ways. One of the most common focuses on the primary profit-generating activities of a business:
-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.
-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.
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-Real estate businesses generate profit from the selling, renting, and development of properties, homes, and buildings.
-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. See also: Franchising
-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.
-Transportation businesses deliver goods and individuals from location to location, generating a profit on the transportation costs
-Utilities produce public services, such as heat,
electricity, or sewage treatment, and are usually government chartered.
There are many other divisions and subdivisions of businesses. The authoritative list of business types for North America is generally
considered to be the North American Industry Classification System, or NAICS. The equivalent European Union list is the NACE.
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