Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors."
Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.
The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner.
John Adam Eckfeldt (June 15, 1769 – February 6, 1852; usually Adam Eckfeldt) was a worker and official in the early days of the United States Mint. A lifelong Philadelphian, Eckfeldt served as the second chief coiner of the Mint, from 1814 until 1839.
Eckfeldt's father owned a large smithy and involved himself in early attempts at American coinage. Adam Eckfeldt built early presses for the Mint, engraved some of its early dies, and was responsible for the designs of early American copper coinage, as well as the 1792 half disme which some authorities consider the first United States coin. He was appointed assistant coiner of the Mint in 1796, and became chief coiner on his predecessor's death in 1814.
Project management is the process and activity of planning, organizing, motivating, and controlling resources, procedures and protocols to achieve specific goals in scientific or daily problems. A project is a temporary endeavor designed to produce a unique product, service or result with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables), undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value. The temporary nature of projects stands in contrast with business as usual (or operations), which are repetitive, permanent, or semi-permanent functional activities to produce products or services. In practice, the management of these two systems is often quite different, and as such requires the development of distinct technical skills and management strategies.)
"Centralization is not a system of management good or bad of itself, capable of being adopted or discarded at the whim of managers or of circumstances; it is always present to a greater or less extent. The question of centralization or decentralization is a simple question of proportion, it is a matter of finding the optimum degree for the particular concern. In small firms, where the manager's orders go directly to subordinates, there is absolute centralization; in large concerns, where a long scalar chain is interposed between manager and lower grades, orders and counterinformation, too, have to go through a series of intermediaries. Each employee, intentionally or unintentionally, puts something of himself into the transmission and execution of orders and of information received, too. He does not operate merely as a cog in a machine. What appropriate share of initiative may be left to intermediaries depends on the personal character of the manager, on his moral worth, on the reliability of his subordinates, and also on the condition of the business. The degree of centralization must vary according to different cases. The objective to pursue is the optimum utilization of all faculties of the personnel."
- —Henry Fayol, General and Industrial Management, 1949
Things you can do
Urgent and important articles are bold
Here are some tasks awaiting attention:
- Article requests : Abstract Fees, IFRS for small and medium entities, more...
- Assess : assess these pages
- Cleanup : Agricultural productivity, Bank fraud, Billpoint, Economic nationalism, Ethical implications in contracts, Financial adviser, Futures exchange, Gulf rupee, Pricing, Self insurance, Serfdom, Space elevator economics, Valuation, more...
- Disambiguation : cleanup links to dab pages
- Expand : Tom Basso, Clintonomics, Toby Crabel, Diversification (finance), Economy of Brazil, European Cooperative Society, Heavy industry, Larry Hite, Insourcing, Paul Tudor Jones, Planning Commission, Linda Bradford Raschke, Sales pitch, Singapore television channels, David Tepper, Monroe Trout, Tan Yu
- Infobox : add to business articles needing infoboxes
- Maintain : Portal:Business and economics
- Merge : Business Analysis, Corporate performance management, Economic growth, Excess reserves, Liberian Companies, National Association of Insurance Commissioners, Permanent war economy, more...
- NPOV : Economic interventionism, Energy economics, Rage Software Limited, more...
- Photo : add to requested photographs of business & economic topics and requested photographs of business and economics people
- Stubs : Bioeconomics, Debt compliance, Double auction, Kitchen sink regression, Single-entry accounting system, War economy, Workforce, more...
- Verify : add sources to Unreferenced BLPs
- Wikify : Economy of GDR, Investment specific technological progress, Marketization, Mediobanca, more...
- Other : Projects - Accounting, Business, Companies, Cooperatives, Deletion sorting, Economics, Finance & Investment, Game theory, International development, Numismatics, Private Equity, Retailing, Shopping Centers, Taxation, Trade, more...
On this day in Business history...
Did you know
- ... that at the time of her completion in 1918, American cargo ship West Lianga held the distinction of being both the fastest-launched and the fastest-constructed ocean-going ship in the world?