A business enterprise is a commercial, industrial, service, or investment entity (or a combination thereof) pursuing an economic activity to generate economic earnings and value. The business enterprise could take various forms such as sole ownership, a limited liability firm, a firm limited by guarantee, etc. The type of business enterprise affects the nature of the business valuation. A large number of business valuation work relate to closely held or privately held enterprises or interest in such businesses which are entities not listed on stock exchanges for which reason the shares are not traded. Compared with listed enterprises easily tradable shares, interests in closely held businesses are difficult to sell for which reason business valuators introduce discounts for lack of marketability and other discounts by drawing from freely trading comparable business enterprises listed on stock markets.