Choosing the form of business organization is an important decision because it can be critical to the success or the failure of the business organization.
In particular, the scope of this paper will be confined to the awareness of business organizations as one way to improve your knowledge in management. After you have determined the type of company or corporation you want, look at the advantages and disadvantages of an LLC.
Double Taxing is another big disadvantage and in some cases, corporations are taxed twice. Sole proprietorships Sole proprietorship is a form of business organization in which an individual is fully and personally responsible for all the obligations of the business, and is entitled to all of its profits and exercises complete managerial control.
In a Partnership, two or more people share ownership of a business. After reading this I hope you can determine what type of Business you have and that would be the best fit for you and your partners if you have any.
The information provided will also give you an insight on exactly what each Business Organization does and how it works and fits in Business structure.
The partnership agreement should specify who the partners are, what their roles and responsibilities are, and most importantly spell out how the profits will be divided between or among the partners.
All the assists that the business owns will then just pass under the will of the owner or in accordance with the inheritance law. For example, school canteen, florist, salons, etc. These structures are normally used by professional organizations such as law firms and accounting companies.
In an LLC, the owners are called members. Partnerships involve more than one owner like stated above, so that means more money invested and more funds for your company to use and have.
Some disadvantages of a partnership organization may include; Partners that are together and individually liable for other partners actions within the business.
Further, in order to establish an LLC, it is necessary to file articles of organization with the secretary of state. How you pay your taxes, your personal liability within the company, and the amount and type of regulations dealt with are extremely important and dependent on the way you form your business.
A general partnership is not a taxable entity because the income and losses pass to each partner who, in Types of business organizations essay, reports the profit and loss on individual tax returns. Money has to be distributed to other people in the company, instead of just you.
In a general partnership, the profits and losses are normally distributed equally between or among the partners. A legal agent can be a law firm, but there are also professional organizations that perform these duties. As it is always great to see the advantages of an organization there are also many disadvantages to.
Generally, directors are senior executives or managers who are responsible for the day-to-day operations of the business while officers are the individuals appointed to implement the policies and procedures established by the directors. More essays like this: There are a number of ways to structure a business — these include sole proprietorships, different types of partnerships, limited liability companies, and corporations.
By-laws describe the management structure and what the roles and responsibilities of the officers and directors will be.
Limited Liability Contracts share some of the same characteristics as a S-Corporation or C-Corporation, although with an LLC you can enjoy more flexibility and they require less paperwork.
Corporations also have the ability to Generate Capital. In addition to tax liabilities, sole proprietors are also responsible for the debts of the business Butow Types of business organizations Essays: OverTypes of business organizations Essays, Types of business organizations Term Papers, Types of business organizations Research Paper, Book Reports.
ESSAYS, term and research papers available for UNLIMITED access. Introduction There are four types of business organizations that relate with the various businesses and their range in size and functions.
The owners or partners establishing a company might share tax or legal liability with the business entity depending on how the business is formed. Types of Business Organizations Research Paper Starter.
Homework Help. Types of Business Organizations This article will provide an analysis of the different types of business organization as.
This essay has been submitted by a law student. This is not an example of the work written by our professional essay writers. Six types of business organizations.
For the benefit of the business owner, I’ve listed the six types of business organizations with easy to compare pros and cons. Business Essay Topic: Forms of Business Organizations It is important that the business owner seriously considers the different forms of business organization — types such as sole proprietorship, partnership, and corporation.
Video: Types of Business Organizations: Advantages & Disadvantages In this lesson, you will learn about the three main types of business organizations: sole proprietorship, partnership, and.Download