NATURE OF BUSINESS ORGANIZATIONS

• Service Concern - sells intangible product (service)

  Classified into:

  1. Non-Professional Service Entities
  2. Professional Service Entities
• Merchandising - sells tangible unaltered products. Purchase and sells the same form of finished product.
• Manufacturing - producer of good/products. They transform raw materials into finished products.
• Agriculture - sells agricultural good and raise livestock in raw or processed form.
• Hybrid Business - Possess characteristics and nature of 2 types of business entity.
• Special Corporation:

  • Cooperatives (Incorporated)
  • Joint Ventures (Partnership by 2 or more Corp)
  • Non-Profit Organizations (Exists not for profit)