What is business ? The term BUSINESS is simply defined as it is an organization that provide the goods and services need and desired by the peoples. The main purpose of doing any kind of busines is to earn profit. It include everything from a small owned-operated company, such as a family restaurant, to a multinational company such as Electronic company. The organization may describe its by communicating the industry in which it operates for example, the real estate , advertising , production , manufacturing are such industries in which a busines can exist easily. For starting any kind business the owners must need to ensure that the service or product which will being offered has a sufficient amount of demand in the marketplace. Then according to that owner should make the various strategy and plan, which will be the first step of doing any busines that includes the organization objectives and goals. The main problem arise is of financing, but there are numbers of ways to obtain financing, such as applying for loans and small busines grants. Owners can also bootstrap, which is the process of starting the this with as little capital as possible.
Owners must choose a busines type, such as sole proprietorship, corporation or limited liability partnership company (LLP). Sole proprietorship is going to be owned and operated by the individual only this will be the simplest form of busines entity. The sole proprietorship is responsible for everything the organization does. On the other hand the limited liability partnership is in which all the partner have the limited liabilities or in simple words we can say that LLP is the organization which is having more than one owner. This kind of partnership are general partnership means all the partner have the responsibility for the busines and unlimited liability for the financial obligation of the busines, this means that general partner will share both the profits and loss of the business.