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Hybrid Business
Hybrid business is a business in which the entrepreneurs provide services along with the product. They
are engaged in services and manufacturing as well. They neither offer pure intangible nor pure tangible
commodities. For example restaurants, they offer services in the form of a dining experience and food served
as the product.
TYPES OF BUSINESS FOUND IN OUR COMMUNITY
As an entrepreneur in India, one can own an enterprise in the following framework.
Sole Proprietorship
A sole proprietorship is a type of enterprise that is owned, managed and controlled by a single individual.
The business and the owner have no separate legal existence. All the profits, as well as losses, belong to the
proprietor.
Partnership
A partnership firm is formed by two or more people. The owners of the enterprise are called partners. A
partnership deed must be signed by all the partners. The profits losses are shared by the partners. A firm
has a limited life span and must be dissolved when any one of the partners dies or claims bankruptcy.
Limited Liability Partnership (LLP)
In a imited iability Partnership or P, the partners of the firm enjoy perpetual existence as well as the
advantage of limited liability. Each partner s liability is limited to their agreed contribution to the P. The
partnership and its partners have a separate legal existence.
Cooperative Business
A co-operative business is a member-owned business structure and usually allows a limited distribution of
profits to members. It is a kind of private business organisation in which the consumers who use its products
and services are its owner. It is a co-operation of individuals who coordinate among themselves to achieve
the desired target.
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