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A formal written statement known as a "business plan" fully outlines the concept of a new company and how it will operate.
What is business?
Business is an economic activity of producing goods and services to satisfy the needs of customers. It involves the transfer of ownership of goods and services from producers to consumers. Businesses are typically organized around a product or service, and involve various activities including research, development, production, marketing, distribution and customer service. Businesses are often operated for the purpose of generating profits for their owners and investors. Businesses may also be conducted to fulfill a social or political purpose, or to achieve a particular goal. Businesses can be organized as sole proprietorships, partnerships, limited liability companies, corporations, cooperatives, and other structures. Each type of business structure has its own advantages and disadvantages. Businesses must adhere to various laws, regulations, and ethical standards to remain in operation and to remain profitable.
To learn more about business
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