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Simple English definitions for legal terms
Service business
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A quick definition of Service business:
A service business is a type of company that offers help or assistance to people in exchange for money. Unlike businesses that sell physical things, service businesses provide services like fixing things, giving advice, or doing work for others. Some examples of service businesses are people who fix pipes, build things, give advice, or help with money.
A more thorough explanation:
A service business is a type of company that offers personal services to customers in exchange for payment. Unlike businesses that sell physical products, service businesses provide intangible services that cannot be touched or held.
Examples of service businesses include:
- Plumbers - who provide services such as fixing leaks, installing pipes, and repairing water systems.
- Contractors - who offer services such as building, renovating, and repairing homes and buildings.
- Consultants - who provide expert advice and guidance to individuals or businesses in a specific field.
- Accountants - who offer financial services such as bookkeeping, tax preparation, and auditing.
These examples illustrate the definition of a service business because they all offer services that cannot be physically held or touched. Instead, they provide expertise, knowledge, and skills to help customers solve problems or achieve their goals.