A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers.
Forms of business ownership vary by jurisdiction, but several common forms exist:
Sole proprietorship: A sole proprietorship is owned by one person and operates for profit.
Partnership: A partnership is a business owned by two or more people.
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 owned by individuals. They can organize either for profit or as not-for-profit organizations.
Cooperative: Often referred to as a "co-op", a cooperative is a limited liability business that can organize 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.