Definition
Outsourcing is the practice of contracting specific business functions or processes to external vendors, suppliers, or service providers rather than handling them internally. Outsourcing allows companies to focus on their core competencies, reduce costs, access specialized expertise, and improve efficiency and flexibility in operations. Common outsourced functions include customer support, IT services, manufacturing, and logistics.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.