Business is the practice of making one’s living money by buying and selling products, goods, services or time.
There are 3 common types of Business. There are different business, so it is mostly divided 3 categories like:-
- Proprietorship
- Partnership
- Corporation
It has its own set of advantages and disadvantages
If the business owner acquires debts, the creditors can go after the owner’s personal possessions. Business has bundle of risks involve itself. The business owner take the risks to protect the business and his/her family then enjoy the fruit of business. This is a very hard task so people do not enter the business because want comfort zone to work or serve.
Why do we do Business
Business generates a new source of income. Successful business owners have the opportunity to make more money for the risks they take.
- Create Wealth
- Family Protection
- Leaving Legacy
- Wealth Preservation
- Create Goodwill
- Financial Freedom
- Role Model for Society
Why do we do succession planning
Succession planning ensures that business continues to run smoothly and without interruption, people move on to new opportunities, retire, or pass on to the next generation.
What his insolvency in business
Insolvency refers to the state of financial distress in which a business does not have enough money to pay its bill when they come due or when the value of all assets is less than that of outstanding debt.
What is liability for a business owner
Liabilities are the debts that a business owner owes to third party creditors. Bank debts could be part of accounts payable. Businesses take on loan to grow faster. The balance between a business debts and its assets makes it stable.
Preservation of Business
Preserve intact their respective business organization, preserve the good will and advantageous relationships with customers, suppliers, independent contractors, employees, etc.
How insurance is safety belt for a business owner
A cover by business insurance will be a safety belt for business against losses due to events that may happen during the regular course of business. It includes coverage of property damage, Legal battles, keyman, theft, fire, and even business owners.
Insurance is a method by which you can protect yourself , your business and your loved ones from facing a financial crisis. You buy an insurance policy for the same, while the insurance company takes the risks on your behalf at a specific premium.
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