Business Organizations Business Organization - 3050 Words

Business Organizations Task 1 7/14/15 Business Organization Essentially, a business organization is a body that is formed for the aim of conducting a commercial enterprise (Bank, 2004, p. 2). Sole Proprietorship Brief Description A sole proprietorship is a form of business structure that is owned and operated by the same owner simultaneously (Schneeman, 2012). Characteristics †¢ In this type of entity, it is difficult to draw a distinction between the owner and the business. †¢ In the legal language, they are not incorporated and many a times not entirely viewed as a business structure because there are no legal regimes governing their set up. †¢ The owner is generally vested with absolute control of the enterprise and will be the sole employee. †¢ The business structure is widely used by small investors due to the easy to set up nature. Advantages 1. Compliance: the creation of sole proprietorship is not dictated by any legal formalities or requirements. There running is also governed by few legal requirements. In essence, the creation and running of such an entity involves less administrative expense (Schneeman, 2012). 2. Control: the owner of a sole proprietorship has absolute control over the business and the decisions that are made. However, this does not mean that the owner cannot make any transfer of the sole proprietorship. 3. Tax benefits: unlike in incorporated entities, sole proprietorship are not taxed separately from the owner, they are absolved fromShow MoreRelatedBusiness Organization And Business Organizations998 Words   |  4 PagesBusiness organization is a group of people who are organized for some charitable or profitable purpose. Business entity is a corporate, commercial or other institution which is formed or administered according to the commercial law so as to engage in business activities which is generally selling of any product or service. In accounting business organization and owners both are separate or distinct from each other. This means that the personal transactions of owner are separately treated from businessRead MoreBusiness Organizations : Business Organization1514 Words   |  7 PagesBusiness the AA Name: Jamal Kelly Institution: Redbridge College Business Organization A business is an organization that undertakes the exchange of goods or services for monetary gain. An economic system refers to the manner in which a nation or state is organized in the exchange of goods and services, production and allocation of resources. The economy is made up of three sectors; the private sector, public sector and voluntary sector. The private sector is made up of privateRead MoreBusiness Organization Structure Of A Business1888 Words   |  8 PagesBusiness Organization Structure Starting a business is a major step and can in some cases be very risky. Furthermore, there are a number of important factors that should be considered when starting a business. One of the most fundamental factors involved in starting a business is determining what business entity to operate the business under. Choosing a business entity that is not aligned with your particular business model can in many cases lead to several problems that can be potentially very costlyRead MoreBusiness Functions Of An Organization1476 Words   |  6 PagesThe ability and business functions of an organisation mainly influenced through the threat of new entrants, the organizations have to make effective business actions or processes or products and services so that any new company faces severe barrier to enter in the market (Baines, et al 2011). If the establishment of new organisation in a business environment is easy, any new company can open their shops very easily. Furthermore, when the market ru les and regulations are easy and friendly for theRead MoreDesigning Of A Business Organization1273 Words   |  6 PagesBusiness organizations continue to impress and make customers more satisfied with their goods and services they offer. The focus is majorly on consumer satisfaction and not the volume of the products. To achieve the consumer satisfaction, most business organizations consider proper and timely dissemination of information that will strike a balanced deal between the organization and the consumers. The consumers get what they need and the organization profit from the sales. The process of informingRead MoreBusiness Is The Organization Of Conducting Business887 Words   |  4 Pages1.0 Introduction E-Business is the organisation of conducting business by means of the web. According to the Retail Week (Bowden, 2015), online sales have developed by 14% from 2013 to 2014 with it surpassing  £100bn. The expanding popularity of online retail predicts that online sales are predicted to increase by 12% in 2015. This report will explore the future for retailers like Marks and Spencer and the key characteristics required for continued successful operations. 2.0 Findings A bricks andRead MoreBusiness Organizations Summary1574 Words   |  7 PagesTHE LAW OF BUSINESS ORGANIZATIONS Chapter 16 – Law of Sole Proprietorship and Partnership * Sole proprietorship – A business where the sole owner is responsible for the management and debts of the business. * Registration/licensing issues; Flexibility * Partnership – Partnership Act (Ontario) defines partnership as a relationship that subsists between two or more persons carrying on business in common with a view to profit. * Differences between partnership and co-ownership Read MoreThe Management Of A Business Organization1568 Words   |  7 Pages TOPIC 2 The management accountant plays a number of key roles in: (a) Assisting an organization achieve its objectives; and, (b) making sure that the organization is ethical in its pursuit of those aims. Discuss this statement within the context of each of the following types of organization. †¢ A business organization that is a manufacturer; and, †¢ A not-for-profit organization, such as a charity.†¨In each case, ensure that you provide illustrations of how the management accountant can contributeRead MoreA Report On A Business Organization1242 Words   |  5 Pagescollaboration to achieve given commercial goals is known as a business organisation. Companies may have information with a purpose or aim of making profits while others start on non-profit making basis. The way the way the business organisation operates depends on the profit or non-profit making basis. However, the basics and the fundamentals of the companies are in one way or the other, similar since the management functions of the organizations are often similar. This report will focus on a profit-makingRead MoreDelegation in Business Organizations722 Words   |  3 Pagesdelegated person remains accountable for the outcome of the delegated work. But how important is delegation and what role it plays in the success of business organization ? Delegation empowers a subordinate to make decisions; it is a shift of decision-making authority from one organizational level to a lower one. Delegation is very important in business success; if properly done can save money and time, help in building skills, and motivate people while poor delegation, on the other hand, might cause