Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors."
Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.
The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner.
Charles Ponzi (March 3, 1882 – January 18, 1949) was one of the greatest swindlers in American history. His aliases include Charles Ponei, Charles P. Bianchi, Carl and Carlo. The term "Ponzi scheme" is a widely known description of any scam that pays early investors returns from the investments of later investors. He promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of arbitrage. Ponzi was probably inspired by the scheme of William F. Miller, a Brooklyn bookkeeper who in 1899 used the same pyramid scheme to take in $1 million.
The multimedia studio at the headquarters of Infosys Technologies Limited in Bangalore
Infosys is a multinational information technology company, with nine development centers in India and over 30 offices worldwide. Infosys and its subsidiaries employ over 80,501 professionals. Its annual revenues for the fiscal year 2006-2007 exceeded US$3.1 billion with a market capitalization of over US$30 billion.
"Sloan grabbed hold of this important modification in the marketplace and began to offer more and more different models. This "full-line" policy was General Motor's unique strategy to answer public demands. How did the automobile industry as a whole respond to this diversification?
In the transition from mass-produced Model T's to the full-line policy of General Motors, production processes became complicated. To reduce costs while making various types of cars, standard parts had to be developed for use in different models. The Ford system, however, was not modified to any great extent.
At about this time, pricing policies were actively studied and employed in response to the wide variations resulting from diversification in the marketplace. I think that in production, however, the unfinished Ford system changed little and became deeply rooted.
When building up the Toyota production system, I always kept in mind the Japanese market and its demands for many types of cars in small quantities - different from American demands for a few types in large quantities.
The Toyota production system helps production meet market demands. We now know that producing many types of cars in large quantities is economically desirable, even though the Toyota system was built on the premise of many types in small quantities for the Japanese environment. Thus, the system is proving its effectiveness in the mature Japanese market. At the same time, I think the Toyota production system can be applied in America where the market for many types in large quantities has existed since Sloan's time."
- —Taiichi Ohno, Toyota Production System, English edition of 1988
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- ... that at the time of her completion in 1918, American cargo ship West Lianga held the distinction of being both the fastest-launched and the fastest-constructed ocean-going ship in the world?