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The scale and scope of the business firm and its structure, management, and ownership, broadly analyzed within the idea of the agency Generally, a smaller business is extra versatile, whereas larger businesses, or those with wider ownership or more formal structures, will usually tend to be organized as companies or (much less usually) partnerships. In addition, a business that needs to lift money on a inventory market or to be owned by a variety of people will usually be required to undertake a specific authorized kind to do so.