Business

A business entity is an entity that is formed and administered as per corporate law in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service. There are many types of business entitiesdefined in the legal systems of various countries. These include corporations, cooperatives, partnerships, sole traders, limited liability companyand other specifically permitted and labelled types of entities. The specific rules vary by country and by state or province. Some of these types are listed below, by country.

• Sole proprietorship
  A sole proprietorship, also known as a sole trader, is owned by one person and operates for their benefit. The owner operates the business alone and may hire employees. A sole proprietor has unlimited liability for all obligations incurred by the business, whether from operating costs or judgments against the business. All assets of the business belong to a sole proprietor, including, for example, computer infrastructure, any inventory, manufacturing equipment, or retail fixtures, as well as any real property owned by the sole proprietor.
• Partnership
  A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. The three most prevalent types of for-profit partnerships are: general partnerships, limited partnerships, and limited liability partnerships.
• Corporation
  The owners of a corporation have limited liability and the business has a separate legal personality from its owners. Corporations can be either government-owned or privately owned. They can organize either for profit or as nonprofit organizations. A privately owned, for-profit corporation is owned by its shareholders, who elect a board of directors to direct the corporation and hire its managerial staff. A privately owned, for-profit corporation can be either privately held by a small group of individuals, or publicly held, with publicly traded shares listed on a stock exchange.
• Cooperative
  Often referred to as a "co-op", a cooperative is a limited-liability business that can organize as for-profit or not-for-profit. A cooperative differs from a corporation in that it has members, not shareholders, and they share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the ideology of economic democracy.
• Limited liability partnership (LLP)
  Limited liability partnerships, and other specific types of business organization protect their owners or shareholders from business failure by doing business under a separate legal entity with certain legal protections. In contrast, unincorporated businesses or persons working on their own are usually not as protected.
• Franchise
  A franchise is a system in which entrepreneurs purchase the rights to open and run a business from a larger corporation. Franchising in the United States is widespread and is a major economic powerhouse. One out of twelve retail businesses in the United States are franchised and 8 million people are employed in a franchised business.
• Company limited by guarantee
  Commonly used where companies are formed for noncommercial purposes, such as clubs or charities. The members guarantee the payment of certain (usually nominal) amounts if the company goes into insolvent liquidation, but otherwise, they have no economic rights in relation to the company. This type of company is common in England. A company limited by guarantee may be with or without having share capital.
• Company limited by shares
  The most common form of the company used for business ventures. Specifically, a limited company is a "company in which the liability of each shareholder is limited to the amount individually invested" with corporations being "the most common example of a limited company." This type of company is common in England and many English-speaking countries. A company limited by shares may be a
  • Publicly traded company
  • Privately held company
• Company limited by guarantee with a share capital.
  A hybrid entity, usually used where the company is formed for noncommercial purposes, but the activities of the company are partly funded by investors who expect a return. This type of company may no longer be formed in the UK, although provisions still exist in law for them to exist.
• Limited liability company
  A company—statutorily authorized in certain states—that is characterized by limited liability, management by members or managers, and limitations on ownership transfer", i.e., L.L.C. LLC structure has been called "hybrid" in that it "combines the characteristics of a corporation and of a partnership or sole proprietorship". Like a corporation, it has limited liability for members of the company, and like a partnership it has "flow-through taxation to the members" and must be "dissolved upon the death or bankruptcy of a member".
• Unlimited company with or without a share capital.
  A hybrid entity, a company where the liability of members or shareholders for the debts (if any) of the company are not limited. In this case doctrine of a veil of incorporation does not apply.
• Companies formed by letters patent
  Most corporations by letters patent are corporations sole and not companies as the term is commonly understood today.
• Charter corporations
  Before the passing of modern companies legislation, these were the only types of companies. Now they are relatively rare, except for very old companies that still survive (of which there are still many, particularly many British banks), or modern societies that fulfill a quasi-regulatory function (for example, the Bank of England is a corporation formed by a modern charter).
• Statutory corporation
  Relatively rare today, certain companies have been formed by a private statut

Industry classification or industry taxonomy is a type of economic taxonomy that organizes companies into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.

• Agriculture
  Such businesses include  domestication of fish, animals and livestock, as well as lumber, oil and mining businesses that extract natural resources and raw materials, such as wood, petroleum, natural gas, ores, plants or minerals.
• Financial services
  Such businesses include banks, brokerage firms, credit unions, credit cards, insurance companies, asset and investment companies such as private equity firms, private equity funds, real estate investment trusts, sovereign wealth funds, pension funds, mutual funds, index funds, and hedge funds, stock exchanges, and other companies that generate profits through investment and management of capital.
• Entertainment
  Entertainment companies and mass media agencies generate profits primarily from the sale of intellectual property. They include film studios and production houses, mass media companies such as cable television networks, online digital media agencies, talent agencies, mobile media outlets, newspapers, book and magazine publishing houses.
• Industrial manufacturers
  Produce products, either from raw materials or from component parts, then export the finished products at a profit. They include tangible goods such as cars, buses, medical devices, glass, or aircraft.
• Real estate
  These businesses sell, invest, construct and develop properties, including land, residential homes, and other buildings.
• Retailers, wholesalers, and distributors
  Act as middlemen and get goods produced by manufacturers to the intended consumers; they make their profits by marking up their prices. Most stores and catalog companies are distributors or retailers.
• Transportation
  Transportation businesses such as railways, airlines, shipping companies deliver goods and individuals to their destinations for a fee.
• Utilities
  Produce public services such as water, electricity, waste management or sewage treatment. These industries are usually operated under the charge of a public government.
• Service businesses
  Offer intangible goods or services and typically charge for labor or other services provided to government, to consumers, or to other businesses. Interior decorators, beauticians, hairstylists, make-up artists, tanning salons, laundromats, dry cleaners, and pest controllers are service businesses.

Business administration is administrative anagement of a business. It includes all aspects of overseeing and supervising business operations and related fields which include accounting, finance and marketing.

• Accounting
  Accounting is the measurement, processing and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.
• Finance
  Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty and risk. Finance can also be defined as the science of money management. Finance aims to price assets based on their risk level and their expected rate of return. Finance can be broken into three different sub-categories: public finance, corporate finance and personal finance.
• Manufacturing
  Manufacturing is the production of merchandise for use or sale using labour and machines, tools, chemical and biological processing, or formulation. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale.
• Marketing
  Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." The term developed from the original meaning which referred literally to going to a market to buy or sell goods or services. Marketing tactics include advertising as well as determining product pricing. With the rise in technology, marketing is further divided into a class called digital marketing. It is marketing products and services using digital technologies.
• Research and development
  Research and development refer to activities in connection with corporate or government innovation. Research and development constitute the first stage of development of a potential new service or product. Research and development are very difficult to manage since the defining feature of the research is that the researchers do not know in advance exactly how to accomplish the desired result.
• Safety
  Safety is a key business concept that is defined by Merriam-Webster as “the condition of being safe from undergoing or causing hurt, injury, or loss”. Injuries cost businesses billions of dollars annually. Studies have shown how company acceptance and implementation of comprehensive safety and health management systems reduces incidents, insurance costs and workers’ compensation claims. New technologies, like wearable safety devices and available online safety training, continue to be developed to encourage employers to invest in protection beyond the "canary in the coalmine" and reduce the cost to businesses of protecting their employees.
• Sales
  Sales are activity related to selling or the amount of goods or services sold in a given time period.

Business management entails the general management of a business. It includes all aspects of overseeing and supervising business operations. Management is the act of allocating resources to accomplish desired goals and objectives efficiently and effectively; it comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal.

• Accounting management
  Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.
  • Financial accounting
  • Management accounting
  • Auditing
  • Accounting information systems
  • Tax accounting
• Communication management
  Communications management is the systematic planning, implementing, monitoring, and revision of all the channels of communication within an organization, and between organizations; it also includes the organization and dissemination of new communication directives connected with an organization, network, or communications technology. Aspects of communications management include developing corporate communication strategies, designing internal and external communications directives, and managing the flow of information, including online communication.
  • Strategic Communication
  • Organizational Communication
• Engineering management
  Engineering management is the application of the practice of management to the practice of engineering. Engineering management is a career that brings together the technological problem-solving savvy of engineering and the organizational, administrative, and planning abilities of managementin order to oversee the operational performance of complex engineering driven enterprises. A Master of Engineering Management (MEM) is sometimes compared to a Master of Business Administration (MBA) for professionals seeking a graduate degree as a qualifying credential for a career in engineering management.
• Enterprise content management
  Enterprise content management (ECM) extends the concept of content management by adding a time line for each content item and possibly enforcing processes for the creation, approval and distribution of them. Systems that implement ECM generally provide a secure repository for managed items, be they analog or digital, that indexes them. They also include one or more methods for importing content to bring new items under management and several presentation methods to make items available for use. While it is possible that content in an ECM is protected by DRM it is not required. The key feature of ECM that distinguishes it from "simple" content management is that an ECM is at least cognizant of the processes and procedures of the enterprise it is created for, and as such is particular to it.
• Financial management (outline)
  Finance is a field that is concerned with the allocation (investment) of assets and liabilities (known as elements of the balance statement) over space and time, often under conditions of risk or uncertainty. Finance can also be defined as the science of money management. Market participants aim to price assets based on their risk level, fundamental value, and their expected rate of return. Finance can be broken into three sub-categories: public finance, corporate finance and personal finance. 
  • Corporate finance
    • Financial services
  • Public finance
• Human resource management
  Human resource management (HRM or HR) is the strategic approach to the effective management of organization workers so that they help the business gain a competitive advantage, Commonly referred to as the HR Department, it is designed to maximize employee performance in service of an employer's strategic objectives. HR is primarily concerned with the management of people within organizations, focusing on policies and on systems. HR departments are responsible for overseeing employee-benefits design, employee recruitment, training and development, performance appraisal, and rewarding (e.g., managing pay and benefit systems). HR also concerns itself with organizational change and industrial relations, that is, the balancing of organizational practices with requirements arising from collective bargaining and from governmental laws.
• Information technology management
  IT management is the discipline whereby all of the information technology resources of a firm are managed in accordance with its needs and priorities. These resources may include tangible investments like computer hardware, software, data, networks and data centre facilities, as well as the staff who are hired to maintain them. Managing this responsibility within a company entails many of the basic management functions, like budgeting, staffing, change management, and organizing and controlling, along with other aspects that are unique to technology, like software design, network planning, tech support etc.
• Marketing management
  Marketing management is the directing of an organization’s resources to develop and implement the best possible strategy in order to reach its desired consumer segment with the goal of maximizing sales of a particular product or service.
• Procurement
  Procurement is the process of finding, agreeing terms and acquiring goods, services or works from an external source, often via a tendering or competitive bidding process. The process is used to ensure the buyer receives goods, services or works at the best possible price, when aspects such as quality, quantity, time, and location are compared. Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing risk, such as exposure to fraud and collusion.
• Product management
  Product management is an organizational lifecycle function within a company dealing with the planning, forecasting, and production, or marketing of a product or products at all stages of the product lifecycle. Similarly, product lifecycle management (PLM) integrates people, data, processes and business systems. It provides product information for companies and their extended supply chain enterprise. The role may consist of product development and product marketing, which are different (yet complementary) efforts, with the objective of maximizing sales revenues, market share, and profit margins. Product management also involves elimination decisions. Product elimination begins with the identification of elimination candidates, proceeds with the consideration of remedial actions, continues with a projection of the impact on the business as a whole if a candidate product is eventually eliminated, and concludes with the implementation stage, where management determines the elimination strategy for an item. The product manager is often responsible for analyzing market conditions and defining features or functions of a product and for overseeing the production of the product. The role of product management spans many activities from strategic to tactical and varies based on the organizational structure of the company. To maximize the impact and benefits to an organization, Product management must be an independent function separate on its own.
• Records Management
  Records management, also known as records and information management, is an organizational function devoted to the management of information in an organization throughout its life cycle, from the time of creation or inscription to its eventual disposition. This includes identifying, classifying, storing, securing, retrieving, tracking and destroying or permanently preserving records. The ISO 15489-1: 2001 standard ("ISO 15489-1:2001") defines records management as "[the] field of management responsible for the efficient and systematic control of the creation, receipt, maintenance, use and disposition of records, including the processes for capturing and maintaining evidence of and information about business activities and transactions in the form of records.
• Supply chain management
  In commerce, supply chain management (SCM), the management of the flow of goods and services, involves the movement and storage of raw materials, of work-in-process inventory, and of finished goods from point of origin to point of consumption. Interconnected or interlinked networks, channels and node businesses combine in the provision of products and services required by end customers in a supply chain. Supply-chain management has been defined  as the "design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand and measuring performance globally.
• Organization specific management
  • Association management
  • Community management
  • Educational management
  • Facility management
  • Investment management
  • Land management
  • Public administration
  • Public management
  • Restaurant management
  • Talent management
• Organization management skills
  • Administration
  • Agile management
  • Asset management
  • Change management
  • Conflict management
  • Conflict resolution
  • Constraint management
  • Corporate governance
  • Cost management
  • Crisis management
  • Critical management studies (CMS)
  • Customer relationship management
  • Data management
  • Design management 
  • Earned value management
  • Human interaction management 
  • Integration management
  • Interim Management
  • Knowledge management
  • Logistics management
  • Operations management
  • Organization development
  • Perception management
  • Planning
  • Process management
  • Program management
  • Project management (outline)
  • Quality management
  • Requirements management
  • Resource management
  • Risk management
  • Skills management
  • Spend management
  • Strategic management
  • Strategic planning
  • Systems management
  • Management science
  • Nonlinear management
  • Operations management
  • Scientific management

Most legal jurisdictions specify the forms of ownership that a business can take, creating a body of commercial law for each type.

• Commercial law
  Corporate law (also known as business law or enterprise law or sometimes company law) is the body of law governing the rights, relations, and conduct of persons, companies, organizations and businesses. It refers to the legal practice relating to, and/or the theory of corporations. Corporate law often describes the law relating to matters which derive directly from the life-cycle of a corporation. It thus encompasses the formation, funding, governance, and death of a corporation.
• Capital
  When businesses need to raise money (called capital), they sometimes offer securities for sale. Capital may be raised through private means, by an initial public offering or IPO on a stock exchange, or in other ways. Major stock exchanges include the Shanghai Stock Exchange, Singapore Exchange, Hong Kong Stock Exchange, New York Stock Exchange and NASDAQ (the USA), the London Stock Exchange (UK), the Tokyo Stock Exchange (Japan), and Bombay Stock Exchange (India). Most countries with capital markets have at least one.
• Intellectual property
  Intellectual property (IP) is a category of property that includes intangible creations of the human intellect, and primarily encompasses copyrights, patents, and trademarks. It also includes other types of rights, such as trade secrets, publicity rights, moral rights, and rights against unfair competition. Artistic works like music and literature, as well as some discoveries, inventions, words, phrases, symbols, and designs, can all be protected as intellectual property. It was not until the 19th century that the term "intellectual property" began to be used, and not until the late 20th century that it became commonplace in the majority of the world.
  • Patents
  • Copyright
  • Industrial design rights
  • Plant varieties
  • Trademarks
  • Trade dress
  • Trade secrets
• Trade union
  A trade union or trades union, also called a labour union (Canada) or labor union (US), is an organization of workers who have come together to achieve many common goals; such as protecting the integrity of its trade, improving safety standards, and attaining better wages, benefits (such as vacation, health care, and retirement), and working conditions through the increased bargaining power wielded by the creation of a monopoly of the workers. The trade union, through its leadership, bargains with the employer on behalf of union members (rank and filemembers) and negotiates labour contracts (collective bargaining) with employers. The most common purpose of these associations or unions is "maintaining or improving the conditions of their employment". This may include the negotiation of wages, work rules, complaint procedures, rules governing hiring, firing and promotion of workers, benefits, workplace safety and policies. The list of trade unions describes both the global distribution and types of unions.