Small Business Medium size Business Medium Sized Businesses Medium-sized businesses have 50 to 249 employees. Like sole proprietorships, partnerships also have unlimited liability which means that the partners are personally liable for the debts of the business. Their operations can be based in multiple sectors including fashion, technology, food and retail. Companies that are limited by guarantee are owned by people called ‘guarantors’ whose liability is limited to a fixed sum called ‘guarantee’ which must be paid if the company cannot pay its debts. However, this does not mean that these organisations are not regulated by the state. They usually operate in the religious, scientific or educational sectors. Companies that are limited by shares are owned by shareholders, whose financial responsibility is limited to the amount and value of the shares they hold. Not for profit organisations are those organisations which are set up for a purpose other than that of financial gain. Business and Profession: Business is a sum total of activities pursued with a purpose to produce and accumulate wealth. The relationship between the parties is governed by a deed of partnership that defines the scope and structure of the partnership. Business is a wider concept and includes industry too. They can be micro, small, medium or large. number of persons employed, employees, balance sheet total, investments,...), but the one most common in a statistical context is number of persons employed : They are in business for trading purposes, i.e. Many SMEs operate under a private limited company status as it allows them to seek protection from personal liability and reduce personal risk whilst allowing them to raise funds through sale of shares. In the UK, a PLC cannot trade its shares without a trading certificate from Companies House and must include ‘PLC’ to their name. Limited liability partnerships (LLPs) are now becoming increasingly common. Micro Businesses Micro businesses are those with less than 10 employees. The most common types of NGOs include: INGOs (international NGOs), BINGOs (business friendly international NGOs), ENGOs (environmental NGOs) and QUANGOs (quasi-autonomous NGOs). they are only responsible for business debts valuing at the sum of their initial investment into the company. Private limited companies are often small privately held business entities whose liability is limited by shares. Partnerships are business enterprises owned by two or more parties. When companies are incorporated, they must have a constitution that will help the shareholders and directors regulate their relationship. Many businesses begin as sole proprietorships, as this type of business is great for many new, small businesses. Economics is a study of human beings as consumers and producers and it has a much wider scope than commerce. Because the business is small and privately held, the business is limited to having a small number of shareholders (for e.g. It is important to point of that not all partnerships have unlimited liability. The organisations that fall under the not for profit category can include charities and social enterprises. These organisations usually operate in the private sector, which means that they are owned by individuals or group entities and not by the state or government and are referred to as businesses. Email: info@iqualifyuk.com US Census Bureau's Statistics about Business Size; SBA Size Standards by Industry; SMB Research Blog; European Commission - Small and Medium-Sized Enterprises (SMEs) For instructions on locating medium-sized companies, please see the link for How to Locate … There is an additional category of businesses referred to as small to medium-sized enterprises (SMEs). Telephone: +44 (0)20 3743 1808 As outlined earlier, not all organisations operate to make a profit. LLPs are commonly adopted by law firms, doctors and similar ventures based on the professions. Non-government organisations, most commonly referred to as NGOs, are non-profit organisations that operate independently from the state or government.