What is the nature of a business?

The nature of a business is the type of sector or industry to which it belongs. There are several primary and broad sectors of business categories, which include statutory, voluntary and private sectors. Businesses generally fall into one of those categories, which are determined based on the type of work that businesses perform.

Companies that operate in the statutory sector generally provide authority services, in the form of personal care, to adults and children. Businesses that work in the private sector typically exist to make a profit, and may make their services available to local authorities. The voluntary sector includes organizations such as charities, nonprofit organizations, cooperatives and community groups.