Introduction to Business

INTRODUCTION TO
BUSINESS
(Assessment1)

INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Evaluate a partnership as a type of business organisation with reference to Mary and Sue’s
‘Little Dessert Shop’...............................................................................................................3
2. Use the Porters 5 Forces framework to analyse ‘Little Dessert Shop’ business and advise on
how Mary and Sue can achieve competitive advantage by managing the relationships with
these forces.............................................................................................................................4
Clearly discuss any three of the macro environmental factors with particular reference to how
they can help improve the business........................................................................................5
CONCLUSION................................................................................................................................6
REFRENCES...................................................................................................................................7

INTRODUCTION
Business is the process that deals with selling, managing and planning over products and
services required to be sold by an organization. This is considered to be very effective and
efficient medium to make an organization promote itself. It has its roots embedded since long
time period. In other sense it can be said that an organization which performs various kinds of
activities that is commercial in nature or are professional and involves monetary transactions is
known as business activities. Such activities which impacts economy of a country is known as
business. It has dynamic nature and covers wider scope due to its characteristics which affects
over all financial functioning of an organization. Organization that has been taken in this is Little
Dessert Shop. Things to be covered in this file porter's five force model, three factors of PESTEL
and partnership business is explained.
MAIN BODY
Evaluate a partnership as a type of business organisation with reference to Mary and Sue’s ‘Little
Dessert Shop’.
Partnership is known as that kind of business frim that is being formed by two or more than two
partners who comes together with the motive of earning revenue with profit. These organizations
is being run only by the partners themselves and all responsibility is being hold by them. In this
limited liability. There various kinds of partnership that can be formed within two individual or
organizations will to do business. In this government companies, non-profit enterprises and
private organizations is involved within it. Also partnership seeks for profit venture that is
undertaken by the partners themselves. Main categories of partnership are general partnership,
limited partnership and limited liability partnership (Kumar and et. al. 2020).
In general form of partnership all parties share legal and financial liability with equality. In this
individuals personally liable to attain responsibility for debts within partnership that takes on.
Profits is shared equally within partners. In case where profit is specific then partnership
agreement is required to be formed. In Limited liability partnership an common structure for
professionals like accountants, lawyer and architects. The arrangement limits partners from
personal liability for example if one partner is sued for malpractice, the assets of other partners
are not at risk. Some law and accounting firms make a further distinction between equity partners
and salaried partners. The latter is more senior than associates but does not have an ownership