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An overview of the different forms of business organization, including sole proprietorship, partnership, limited liability partnership (llp), and corporation. It discusses the key characteristics, advantages, and disadvantages of each form, as well as the historical development of business organizations during the industrial revolution. Topics such as the management and planning of business activities, the coordination of resources, and the legal and financial aspects of various business structures. It offers insights into the factors that influence the choice of business organization and the evolution of modern business practices.
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Кравченко В.О 20, Практичне завдання 5 тижня (5_5.2) Business Organisation is an entity that is formed for the purpose of carrying on the commercial enterprise of selling and buying. These organisations are based on the systems of law that governs contract and this exchange, property rights, and incorporation. The Business Organisation system is concerned with the management and planning of different activities. This is an accumulation and coordination of the resources such as men, material, money, machine to produce the goods and services, the business organisation works to coordinate and control all these factors of production. Meaning of Business Organisation Business organisation is defined as an entity which is structured for the purpose of carrying on the commercial system of enterprise. The organisation is governed under principles and laws governing contract and exchange of goods and services. Business enterprises generally take one of these three forms: Proprietorship Partnership LLP Proprietorship. In the proprietorship form one person is responsible for the entire operation as his own personal property is entrusted in it. This is usually managed on a day-to-day basis. Majority of the businesses we see around us are of this category. Partnership. The second form is Partnership, this needs 2-50 members to pursue the business. Law and accounting firms, brokerage houses and other advertising agencies are of this form. The business id formed by the partners themselves, their share of profit varies with individual investment invested in the partnership. Limited Liability Partnership. The third form, which is the LLP form, is a very popular form of business for its inherited advantages from the partnership and company form of business. The company is legally separated from the individuals who work here in this organisation. They might be the shareholders or the employees who come in legal contract and thus can be sued and be sued by the company. The big industries and commercial organisations are limited- liability companies. Choice of Forms of Business Organisation The four-prior types of business organisation are: A. Sole Proprietorship B. Partnership C. Corporation D. Limited Liability Company
partnerships do not require a formal agreement to start their business. The business agreement can be verbal or even be implied between the two partners. While Limited Liability Partnership or LLP requires a formal agreement between the partners. They also are liable to certify with the state.