Business enterprise by definition it means the activity of providing good and services to consumers  which involves financial, commercial and industrial features. They mostly concentrate on providing goods and services to consumers in exchange of other goods or services or money. Business enterprise main aim to achieve profits. Canada business enterprise are solely privately owned but business enterprises owned by multiple private individuals are also available in partnership. In some cases business enterprises are owned by government. Every country has their own economic values and their own business enterprises rules.

Private owned business mainly aim to maximize their profits while government owned business enterprise aim on social welfare. The different types of business enterprises are sole proprietorship, partnership, limited liability companies and the corporation. Each types has its own pros and cons in terms of complexity, set up cost, registration, security, and taxation. Before starting a business enterprise we need to understand the rules and regulations concerned with that type. We have to select, plan and organize the business type that matches for us.

The sole proprietorship is the business enterprise run by an individual. The person who owns the business is responsible if any debts are occurred. It is not a legal entity. This business type is simple, easy to set up and can be done at nominal cost. The partnership business type is where two or more persons are involved in that business. A partnership is often formed when two or more persons do a business jointly to get profit. You cannot depend on any oral agreement on partnership.

Poorly maintained and oral partnership will often lead to disputes among the partners. So you need to very careful. It will always better to have a written partnership agreement clearly stating the partnership terms. The limited liability companies is often described as a hybrid business enterprise type. It provides liability protection to the owners for company debts and liabilities. This type of business enterprise is expensive to set up. This will require annual fee and periodic filings with the government. This business enterprise type is not suitable for vehicle business.
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