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Business

This guide will help students and faculty stay current on new developments and research topics related to Business.

Background Information

What is business? The American Heritage(R) Dictionary of the English Language defines it as, "the activity of buying and selling commodities, products, or services: new systems now being used in business." (Source: Credo) 

What are the different business structures? The table below is from the U.S. Small Business Administration. 

Business structure Ownership Liability Taxes

Sole proprietorship

One person

Unlimited personal liability

Personal tax only

Partnerships

Two or more people

Unlimited personal liability unless structured as a limited partnership

Self-employment tax (except for limited partners)

Personal tax

Limited liability company (LLC)

One or more people

Owners are not personally liable

Self-employment tax

Personal tax or corporate tax

Corporation - C corp

One or more people

Owners are not personally liable

Corporate tax

Corporation - S corp

One or more people, but no more than 100, and all must be U.S. citizens

Owners are not personally liable

Personal tax

Corporation - B corp

One or more people

Owners are not personally liable

Corporate tax

Corporation - Nonprofit

One or more people

Owners are not personally liable

Tax-exempt, but corporate profits can't be distributed

Business Quotes

“Success is not final; failure is not fatal: it is the courage to continue that counts.” – Winston Churchill
“Success is often achieved by those who don’t know that failure is inevitable.” – Coco Chanel
“I owe my success to having listened respectfully to the very best advice, and then going away and doing the exact opposite.” – G.K. Chesterton
“Business opportunities are like buses, there’s always another one coming.” – Richard Branson
“Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau
“Even if you are on the right track, you’ll get run over if you just sit there.” – Will Rodgers
“I never dreamed about success. I worked for it.” – Estée Lauder
“The real test is not whether you avoid this failure, because you won’t. It’s whether you let it harden or shame you into inaction, or whether you learn from it; whether you choose to persevere.” – Barack Obama
“The first one gets the oyster, the second gets the shell.” – Andrew Carnegie
“Imagination is everything. It is the preview of life’s coming attractions.” – Albert Einstein
“The only place where success comes before work is in the dictionary.” – Vidal Sassoon