Why Is It Important For Success? Essay

830 Words Nov 17th, 2015 4 Pages
Success is a very general term because the word is determined by its owner’s interpretation. Furthermore, many people have different directions in their life, so it is very difficult to fully measure each person’s successful rate. However, the successful rate is easily measured in the field of business because it mainly focus on the profit that each businesses had earned. In addition to that, business is also a growing major where many college students took interests in it, but many of them aren’t prepared to take on what lies ahead of them and have a delusional idea of business. Therefore, it is important for them to understand what business is, the types of structures it can be in, how does it actually works. Business is constructed in various ways and set up by a person or a group of people that have similar goals to achieve. Business can be separated into two main types: Sole Trader or Partnerships. Sole Trader are defined by a single person which holds all the control and shares in the business while a Partnerships include up to a minimum of two people and a maximum of eighteen people. Furthermore, there are limited liability within sole trader and partnership; this means that if the company goes in debt, the owner will have to sell their private possession in order to pay those debts. There are also two types of company that existed in the field of business: Public Limited Company and Private Limited Company. The differences between those two types are Public Limited…

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