Service businesses offer intangible goods or services and typically charge for labor or other services provided to government, to consumers, or to other businesses. Many businesses are operated through a separate entity such as a corporation or a partnership . Most legal jurisdictions allow people to organize such an entity by filing certain charter documents with the relevant Secretary of State or equivalent and complying with certain other ongoing obligations. The relationships and legal rights of shareholders, limited partners, or members are governed partly by the charter documents and partly by the law of the jurisdiction where the entity is organized. This means that unless there is misconduct, the owner’s own possessions are strongly protected in law if the business does not succeed. “Going public” through a process known as an initial public offering means that part of the business will be owned by members of the public.
- Real estate businesses sell, invest, construct and develop properties, including land, residential homes, and other buildings.
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