Updated: Jun 8, 2020
With this activity, you can make money by producing, buying and selling products.
Normally, there are different kind of products such as goods and services.
To my opinion, it does not mean it's a company, corporation, or partnership. It does not always need any such formal organization.
According to a lot of experts, it is very important to have a business name. It does not separate the business entity with the owner. It means: the same owner of the business is quietly responsible.
If I have a business, I am liable for debts and all the great profits incurred by my business.
That's why the proprietor is personally taxed on all income from his business.
After all, there are different forms of business ownership.
There is the sole proprietorship; the partnership; the corporation; the limited liability companies L.L.C. ; Franchises; A company limited by guarantee; A company limited by shares; A company limited by guarantee with a share capital; A limited liability company; An unlimited company with or without a share capital; Companies formed by letters patent; Charter corporations; and statutory companies.
Further more, we will talk about how to organize a company in order to get more profits and interesting topics related to this subject.