Types of business sector - theme
SM Pte Ltd. Under the Canada Cooperatives Act , c. Unlike in many other Western countries, Canadian businesses generally only have one form of incorporation available. The aforementioned unlimited liability corporations are generally not used as operating business structures, but are instead used to create favorable tax positions for either Americans investing in Canada or vice versa. Rather, Canadian businesses are generally formed under one of the following structures: SP Sole Proprietorship : No formal business structure is established GP General Partnership : Either a formal structure with a partnership agreement, or an informal structure, in which case the Partnerships Act for the province will apply LP Limited Partnership : An investment structure, limiting both the liability and the participation of the investor. types of business sectorTypes of business sector Video
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Some economists divide businesses by corporate, government and nonprofit organizations. But most prefer to divide the economy into three broad sectors: primary, secondary and tertiary. Primary Sector The primary sector serves as the foundation of all business.
Think of this as the raw materials that support everything else. Mining, agriculture, fishing, farming, forestry and mining all fall under the primary sector. In developing areas of the world, the primary sector takes up a sizable chunk of the overall economy. In the U. For this reason, employment has shifted in recent decades to the secondary and tertiary sectors.
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Secondary Sector Once those raw materials have been cultivated, the secondary sector turns them into products. This sector involves manufacturing and industry, which on deforestation articles traditionally employed a decent section of the U. However, employment in manufacturing has dropped in recent years, with the Bureau of Labor Statistics expecting this downward trend to continue. Tertiary Sector The vast majority of U. The tertiary sector includes those working in retail, restaurants, hotels, sales and similar fields, often relying heavily on the goods produced by the primary and secondary sectors. The tertiary sector also includes the very transportation industry that carries manufactured goods to other tertiary businesses, and then provides those products to the consumers who want them.
The rapid growth of the telecommunications industry has led to a possible subset of the tertiary sector, called the quaternary industry sector. This subsector includes internet, cable and phone providers. The pubic sector includes organizations that types of business sector owned and operated types of business sector government agencies, including schools and libraries. Unlike private-sector businesses, these organizations rely heavily on taxpayer dollars allocated by politicians, rather than revenue coming in from customers paying specifically for services. Through the use of requests for proposals, these agencies can also outsource work to private companies, which may perform work for a combination of public and private sector clients.]
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