Question

1. Define each major form of business (sole proprietorship, partnership, corporation; public or private). Identify and support the form of business that best describes the VF Corporation.
2. Define each type of business (service, manufacturing, retail, or something specific within these categories). Then, identify and explain Timberland’s type of business and its category under the VF Corporation.

Answer 1

Sole Proprietorship is the most common structure of business form or you can say basic form of business chosen to start.

It is unincorporated and owned by individual without different identification between business and an individual.

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Partnership- An association of two or more people to mange and operate a business and share its profits.

In partnership partners share liabilities and profits equally or proportion of their contribution.

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Corporation- Corporation is an organisation usually a group of people authorised by the state to act as a single entity and recognised as such in law for certain purpose.

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Public Company- A public Company known as public traded company or public listed company.

It is a corporation whose ownership is distributed amongst general public shareholders via the free trading of shares in stock exchange.

Daily trading in market determines the value of entire company Eg- Chevron Corp, F5 network, Google LLC,P&G,VFCorporation, Apple etc.

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Private Company- Private Company is a corporation that is not owned by government. The firm is held under private ownership. Private companies may issue stock and have shareholders but their shares are not traded in public exchange and are not issued through an IPO.

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VF Corporation is an American worldwide apparel and footwear company. It is a Public traded company and listed in New York Stock exchange.

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Different business form:

Service- The service sector provides services like; trade,hotel, restaurants, transport,storage and communication, financing, insurance, services associated with construction, social and personal services,IT, education, consulting, entertainment etc.

The aim of service sector is basically, to serve people.

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Manufacturing-The business involving in production of goods vfor sale purpose by using labour and machine, chemical, electricity etc.

Eg- Textile, Petroleum, Heavy machinary particles, Apparel,Coal, Plastic, Rubber,Metal,Tobbaco etc.

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Retail- Retail is that part of business which is involving in selling consumer goods or services to customers through different channels.Basically it works for earning profit. Retailers satisfy the consumer' s demand through a supply chain..Eg: Wal- mart, Amazon a largest retail site.

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Timberland is a Manufacturer and Retailer of outdoor wear and footwear company. It is a subsidiary of VF Corporation