Accounting 10 Chapter 1 Notes Types of Business Forms of Ownership.

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Accounting 10 Chapter 1 Notes Types of Business Forms of Ownership

Types of Business 1.Service Business -A service business sells a service to the public; it does not make or sell a product as its main activity. Examples: Video Rental Outlet Accounting Firm Movie Theatre Hair Salon Catering Company

2.Merchandising Business - A merchandising business buys goods and resells them at a higher price for a profit. Examples: Car Dealership Clothing Store Music Store Sports Store Grocery Store

3.Manufacturing Business - A manufacturing business buys raw materials, converts them into a new product, and sells these products to earn a profit. Examples: Computer Manufacturer Car Manufacturer Farm Equipment Manufacturer Food-Processing Company

4.Non-Profit Organizations - A non-profit organization may carry on activities to meet social needs and not for a financial profit. Examples: Charities Churches Amateur Sports Organizations

Forms of Business Ownership 1.Sole Proprietorship - The owner is the sole proprietor. They are in business for themselves. Examples: Dr. Joe Dimitry, Dentist Rosa’s Pizza Alf’s Home Bakery Rustic Pottery – Miriam Daily, Owner

2.Partnership - A business involving more than one owner. Examples: McPhearson & Scott, Chartered Accountants Bucchino & Magalli, Barristers and Solicitors Hakala and Sons Service Centre Café Crème – Solange Dion and Alex Boucher, Owners

3.Limited Company - a form of business owned by shareholders (also known as a corporation). Examples: Pool People Ltd. Uni Electrical and Mechanical Ltd. Gunn’s Auto Servie Ltd. Building Resources Ltd., Construction Consultants

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