6 Basic Activities of Business. Generate ideas Raise capital (owners equity or loans) Employing & Training personnel Buy goods & services Necessary equipment Accounting, legal & advertising services Marketing goods & services Maintain business records. Types of Businesses.
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Producers- create the products and services used by individuals and other businesses.
Intermediaries- businesses involved in selling the goods and services of producers to consumers and other businesses.
Service Business- carries out activities that are consumed by its customers.
Service businesses are the fastest growing part of the U.S. economy. Currently, 60% of all businesses are service-producing businesses.
Entitled to all profits
Easy to start
Make all business decisions
Taxed less than other forms
Must provide $ & management
Responsible for all debts
Unlimited Liability--Creditors can take your personal assets
Difficult to expand
Combines skills of owners
May offer more money (expansion)
Taxed less heavily than a corporation
Owners may not agree, yet the actions of one partner are legally binding
Business is dissolved if one partner dies
Easy to expand
Easy to enter or leave
Owners receive dividends if profitable
Complex to form
Increased government regulation
Higher taxes on corporation & individuals
Detailed accounting & record keeping
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