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Commercial organisations are integral to the economy, focusing on profit generation through various forms such as sole proprietorships, partnerships, and corporations. Their main objectives include customer satisfaction, growth, and social responsibility. Understanding these organisations highlights their diverse structures and the roles they play in employment and economic development.
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Term: Commercial Organisation
Definition: A business entity formed with the aim of earning profit through the production or distribution of goods and services.
Term: Sole Proprietorship
Definition: A type of business owned and managed by a single individual who bears full liability for the business.
Term: Partnership
Definition: A business structure owned by two or more individuals sharing profits and liabilities.
Term: Joint Stock Company
Definition: A large business owned by shareholders, which operates as a separate legal entity.