Business: Business is a process in which a person or an organization purchases and or sells goods in an attempt to make a profit. For example, a person collecting and selling newspapers is said to be involved in a business. Types of business: The most common types of business are Sole proprietorship is a type of business owned by a single person who is called a sole proprietor. The sole proprietor receives all the profits and also assumes all the risks and debts involved in the business. Partnership is a type of business owned by two or more persons. The persons involved are called partners. The partners participating in the business makes a financial contribution, work contribution or both. Enjoy with ease of knowledge!!