What is the purpose and nature of business activity?

Businesses carry out activities such as producing goods or providing services with the aim of selling them to customers and making a profit . As such, the purpose of business activity is to provide goods and services that customers want, at a price that they are willing to pay.

Business activity exists to produce goods or services, which can be classified in several ways: consumer goods, consumer services and capital goods. but all of the renewable and non-renewable resources of nature, such as coal, crude oil and timber. of the business.

There are three main types of business activities: operating, investing, and financing. The cash flows used and created by each of these activities are listed in the cash flow statement.

The nature of business refers to the overall activities of a company in their quest to create, market, and sell a service or a product. Essentially, the main focus for what a company does in a particular sector or industry is known as that company’s nature of business.

3. NATURE AND CONCEPT Business tax is a tax imposed on the onerous transfer of product, property, and service. Onerous transfer means there is a monetary consideration involved in transfer of goods or services between the owner and the buyer.

Steps to Check Company Registration Status :

1. Step 1: Go to the MCA website.
2. Step 2: Go to ‘MCA Services’ tab. In the drop-down click on ‘View Company/LLP Master Data’.
3. Step 3: Enter the companies CIN. Enter the captcha code. Click on ‘Submit’.

Meaning of Small Business Small businesses are independently owned organisations that require less capital and less workforce and less or no machinery. These businesses are ideally suited to operate on a small scale to serve a local community and to provide profits to the company owners.

These business structures define many things about your business, including how ownership, finances, liabilities, and taxes are all managed.

• Partnership. …
• Corporation. …
• Sole proprietorship. …
• Limited Liability Corporation (LLC) …
• S-corporation. …
• Cooperative.

Small businesses are important because they provide opportunities for entrepreneurs and create meaningful jobs with greater job satisfaction than positions with larger, traditional companies. They foster local economies, keeping money close to home and supporting neighborhoods and communities.

Advantages of Small Business Ownership

• Independence. As a business owner, you’re your own boss. …
• Lifestyle. Owning a small business gives you certain lifestyle advantages. …
• Financial rewards. …
• Learning opportunities. …
• Creative freedom and personal satisfaction.

Small-scale businesses display a distinct set of identifying characteristics that set them apart from their larger competitors.

• Lower Revenue and Profitability. …
• Smaller Teams of Employees. …
• Small Market Area. …
• Sole or Partnership Ownership and Taxes. …
• Limited Area of Fewer Locations.

At the same time, consider the advantages as well as the disadvantages of owning your own company.

• Advantage: Financial Rewards. …
• Advantage: Lifestyle Independence. …
• Advantage: Personal Satisfaction and Growth. …
• Disadvantage: Financial Risk. …
• Disadvantage: Stress and Health Issues. …
• Disadvantage: Time Commitment. …
• Try a Side Hustle.

Small Enterprise Weaknesses

• Financial Limitation. Small enterprises find it difficult to get enough funds for their operations. …
• Staffing Problems. …
• High Direct Cost.
• Lack of Credibility. …
• Personal Touch. …
• Greater Motivation. …
• Greater Flexibility. …
• Less bureaucracy.

Some examples of strengths include:

• Strong employee attitudes.
• Excellent customer service.
• Large market share.
• Personal relationships with customers.
• Leadership in product innovation.
• Highly efficient, low-cost manufacturing.
• High integrity.

Here are 14 common characteristics of successful small business owners.

• Willing to Take a Risk. …
• Driven to Succeed. …
• Focused on Achieving Goals. …
• Confident, Enthusiastic, and Passionate. …
• Self-Motivated and Self-Reliant. …
• Ability to Separate Work and Family Life. …
• Seek Advice from Experts.

Small businesses strengthen local communities because their workers spend their earnings on goods and services at home. Business owners invest in their communities through the taxes they pay and by supporting customers by sponsoring baseball teams, building and renting space and using local suppliers.

Businesses play a huge role in culture and society in general. They not only take up the most amount of time in most people’s lives, but they also help create innovations and make important technological advancements. In actuality, society itself would hardly exist as you know it if it weren’t for businesses.

Boosts the economy of the local community Small businesses increases the level of taxation for a local community and ensures the money remains in that society. In addition to that it also decreases the poverty levels as more people move to become entrepreneurs as others also get employed.

Profits do matter, but today we know more about how business contributes to society. Good firms bring innovation to the marketplace, which facilitates their growth. Innovative, growing firms generate economic growth and employment, which, in turn, greatly improves people’s lives.

Answer:A business can negatively affect society because some businesses harm the environment, and sometimes decision makers resort to unacceptable practices for their own personal benefit so yes a business can affect society. Explanation: business causes pollution and affects the nearby by population.

The purpose of a business plan is to help articulate a strategy for starting your business. It also provides insight on steps to be taken, resources required for achieving your business goals and a timeline of anticipated results.

Business improves the quality of life in two ways. Firstly, it provides high-quality goods and service to the people required for their enjoyment, comfort, and health. Secondly, a business offers employment opportunities to the people by which they can generate income and improve the quality of life.

The person or persons responsible for implementing the plan should be heavily involved in its development. Some people hire consultants or have employees draft the plan. If you’re going to be accountable for the decisions that will be based on the plan, then you need to be involved in its development.