A business organization is an undertaking which usually involves capital investment and risks, such that there are chances of success as well as failure. The business undertaking that is owned and run by private individuals is called a private enterprise, while those owned by the government or state, is known as a public enterprise. But sometimes, both the government and the private individuals may own and run a business together which is referred to as a joint enterprise.
The main forms of business organization or units are:
- The Sole proprietorship
- The partnership
- The limited liability companies: Private and public companies
- Co-operative associations
- Public enterprises: Corporation, welfare services boards, or commissions marketing boards, etc.
- Joint ventures