As methods that can be used to classify outlets, form of ownership, level of service, and the type of merchandise line make it easier to understand the differences among retail institutions.
Explanation:
The form of ownership, the level of service and the type of line of goods make it easier to recognize the difference between retail organizations by recognizing that channels can be categorized in a number of ways.
A sole business entity is the most essential element of business ownership where one person is in charge of the company. This is not a juridical entity that distinguishes the property's founder, which means that the proprietor or owner is fully responsible for all the company's debts and responsibilities.
Generally for new small firms there are three styles or modes of company management structures:
- Sole Proprietorship
- Partnering
- Private corporation