Business Post Group Plc Business Information, Profile, and History

Related information about Business

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 revenue.

The etymology of "business" refers to the state of being busy, in the context of the individual as well as the community or society. 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.

With some exceptions, (such as cooperatives, non-profit organizations and (typically) government institutions), in predominatly capitalist economies, businesses are formed to earn profit and grow the personal wealth of their owners.

In other words, 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, energy, and money.

However, the exact definition of business is disputable as is business philosophy; for example, most Marxists use "means of production" as a rough synonym for "business." Socialists advocate either government, public, or worker ownership of most sizable businesses.

Types of businesses

There are four types of business unit:

Sole Traders: a business owned by one person. The owner may operate on their own or may employ others.

Partnership: A partnership is a form of business in which two or more people operate for the common goal of making profit.

Private Limited Company (Ltd): a small to medium sized business that is often run by the family or the small group who own it.

Public Limited Company: a business with limited liability, a wide spread of shareholders and in the UK, a share capital of over £50,000.

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. 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 equivalent European Union list is the NACE.

Limited and Unlimited Liability

Unlimited Liability: a situation in which owners of a business are liable for all the debts that the business may incur.

Limited Liability: a situation in which the liability of the woners of a business is limited to the full paid-up value of the share captial. See also Accounting

Human Resources

typically responsible for hiring, firing, payroll, benefits, etc.

Marketing and sales

responsible for selling the business' goods or services to the customer and for managing the relationships with the customer

Marketing

typically responsible for promoting interest in, and generating demand for, the business' products or services, and positioning them within the market

Sales

finding likely purchasers and obtaining their agreement (known as a contract) to buy the business' products or services

Production/service

makes the product or delivers the service

Production

produces the raw materials into the delivered goods, if they require processing

Customer service

supports customers who need help with the goods or services

Procurement

responsible for acquiring the goods and services necessary for the business. Sometimes organized as:

Strategic sourcing

determines the business' needs and plans for acquiring the necessary raw materials and services for the business

Purchasing

processes the purchase orders and related transactions

Research and Development

tests to create new products and to determine their viability (e.g. pilot plants)

Information Technology

manages the business' computer and data assets

Communications/Public Relations

responsible for communicating to the outside world

Administration

provides administrative support to the other departments (such as typing, filing, etc)

Internal Audit

an independent control function typically accountable to the Board of Directors for reporting on the proper functioning of the other departments

Management is sometimes listed as a "department" but typically refers to the top level of leadership within the business regardless of their functional role.

Business and government

Most legal jurisdictions specify the forms that a business can take, and a body of commercial law has developed for each type. Some common types include partnerships, corporations (also called limited liability companies), and sole proprietorships.

Organizing a Vehicle

The major factors affecting how a business is organized are usually:

• The size and scope of the business, and its anticipated management and ownership : A smaller business is more flexible, larger businesses or those with wider ownership or more formal structures, will usually tend to be organized as partnerships or (more commonly) corporations. In addition a business which wishes to raise money on a stock market or to be owned by a wide range of people will often be required to adopt a specific legal form to do so.
  
• The sector and country : private profit making businesses are different from government owned bodies. In some countries, certain businesses are legally obliged to be organized certain ways.
  
• Limited liability : corporations, and limited liability partnerships, protect their owners from business failure, and are treated as separate entities, whereas an unincorporated business or person working on their own is usually not so protected.
  
• Tax advantages : Different structures are treated differently in tax law, and may have advantages for this reason.
  
• Disclosure and compliance requirements : different business structures may be required to make more or less information public (or reported to relevant authorities), and may be bound to comply with different rules and regulations.
  

Many businesses are operated through a separate entity such a corporation, limited partnership or limited liability company. No paperwork or filing is necessary to create a partnership, and without an agreement, the relationships and legal rights of the partners will be entirely governed by the law of the jurisdiction where the partnership is located.

A single person who owns and runs a business is commonly known as a sole proprietor, whether he or she owns it directly or through a formally organized entity.

A few relevant factors to consider in deciding how to operate a business include:

1. General partners in a partnership (other than a limited liability partnership), plus anyone who personally owns and operates a business without creating a separate legal entity, are personally liable for the debts and obligations of the business.
   
2. Generally, corporations are required to pay tax just like "real" people. 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.
   
   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 who just want your money. Major stock exchanges include the New York Stock Exchange and Nasdaq (USA), the London Stock Exchange (UK), the Tokyo Stock Exchange (Japan), and so on. Commercial law spans general corporate law, employment and labor law, healthcare law, securities law, M&A law (who specialize in acquisitions), tax law, ERISA law (ERISA in the United States governs employee benefit plans), food and drug regulatory law, intellectual property law (specializing in copyrights, patents, trademarks and such), telecommunications law, and more. The main branches of management are financial management, marketing management, human resource management, strategic management, production management, service management, information technology management, and business intelligence. Common exit plans include IPOs, MBOs and mergers with other businesses. For more specific topics, look at the various sublists.
   
   • Accounting
     
     • List of accounting topics
       
   • Advertising
     
   • Banking
     
   • Big business
     
   • Business broker
     
   • Business ethics
     
     • List of business ethics, political economy, and philosophy of business topics
       
   • Business schools
     
   • Capitalism
     
   • Commerce
     
   • Commercial law
     
     • List of business law topics
       
   • Companies
     
     • List of companies
       
   • Economics
     
     • Financial economics
       
     • List of economics topics
       
   • Electronic commerce
     
     • Ebusiness
       
   • Entrepreneurship
     
   • Finance
     
     • List of finance topics
       
   • Government ownership
     
   • Human Resources
     
     • List of human resource management topics
       
   • Industry
     
   • Intellectual property
     
   • International trade
     
     • List of international trade topics
       
   • Insurance
     
   • Investment
     
   • Management
     
     • List of management topics
       
   • Management information systems
     
     • List of information technology management topics
       
   • Manufacturing
     
     • List of production topics
       
   • Marketing
     
     • List of marketing topics
       
   • Organizational studies
     
   • Real Estate
     
     • List of real estate topics
       
   • Small business
     
   • Strategic Management
     

   Other uses

   
   
   
   • Defecation -- "Business", used alone or in a phrase such as "taking care of business" is often a polite euphemism for defecation, or "the carthorse did its business in the stable yard."
     
   • Productivity -- "Business" can mean productive behavior in general.