7. 10. 2022.
A business (also called a firm or an enterprise) is a legally recognized organization designed to provide goods and/or services to consumers, governments or other businesses. A business needs a market. A consumer is an essential part of a business.
Businesses are predominant in capitalist economies, most being privately owned and formed to earn profit to increase the wealth of owners. 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 businesses and state-owned
enterprises. Socialist systems involve either government agencies, public,
or worker ownership of most sizable businesses.
The relationships and legal rights of shareholders, limited partners, or
members are governed partly by the charter documents and partly by the law
of the jurisdiction where the entity is organized. Generally speaking,
shareholders in a corporation, limited partners in a limited partnership,
and members in a limited liability company are shielded from personal
liability for the debts and obligations of the entity, which is legally
treated as a separate "person." This means that unless there is misconduct,
the owner's own possessions are strongly protected in law, if the business
does not succeed.
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
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