what is a firm in business

A firm is a for-profit business entity that sells goods or services to make a profit. The term "firm" is often associated with businesses that provide professional services, such as legal or accounting services, but it may be used for a wide variety of businesses, including finance, consulting, marketing, and graphic design firms, among others. A firm can be any type of business entity, such as a corporation, limited liability company, or partnership. The term "firm" is often used interchangeably with "company," and both are synonyms for the term "business" as defined by the Internal Revenue Service. However, a firm typically involves some type of professional service, which can be provided in one or more physical establishments that fall under the same ownership and use the same employer identification number.