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Interlink between different types of firms and its legal structures

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Added on  2020-12-29

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Business and Business Environment INTRODUCTION 1 TASK 11 P1 Types and functions of different firms and its legal structures 1 P2 Scope and Size of different types of organization 4 TASK 26 P3 Interlink between different functions of organisation and their relation with its objectives 6 TASK 39 P4 Negative and positive impact of external factors9 TASK 411 P5 Internal analysis to determine strength and weakness 11 P6 Interrelation of strengths and weaknesses with macro macro factors 12 CONCLUSION 13 REFERENCE

Interlink between different types of firms and its legal structures

   Added on 2020-12-29

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Business and BusinessEnvironment
Interlink between different types of firms and its legal structures_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Types and functions of different firms and its legal structures..............................................1P2 Scope and Size of different types of organization ................................................................4TASK 2............................................................................................................................................6P3 Interlink between different functions of organisation and their relation with its objectives.6TASK 3............................................................................................................................................9P4 Negative and positive impact of external factors ..................................................................9TASK 4..........................................................................................................................................11P5 Internal analysis to determine strength and weakness ........................................................11P6 Interrelation of strengths and weaknesses with macro macro factors..................................12CONCLUSION..............................................................................................................................13REFERENCES .............................................................................................................................14
Interlink between different types of firms and its legal structures_2
INTRODUCTIONBusiness environment means combination of all internal and external factors that affectthe performance and profitability of an organization at large. Basically it is a sum total of allmicro and macro forces that have direct or indirect impact on business and its operation. Itinclude suppliers, competitors, owners, clients, customer, social and economic trend, change intechnology, laws and regulation etc. It is important for all managers to view such forces thatdirectly affect working of the company (Asif, Garvare and Ahmad, 2011). The given report isbased on Marks and Spencer which is a leading UK-based multinational retailer. The selectedfirm specialise in selling luxury food products, home products and clothing. It covers differentpurpose, size and type of organisation including voluntary, public and private. It also includesrelationship between various functions of company and how they related with its objective,identifying positive and negative impact of external forces and its inter-relation with internalelements. TASK 1P1 Types and purposes of different firms and its legal structuresOne of the main objectives of existence of every business firm is to attain highprofitability ratio by offering innovative products & services to target audience. In order tomaintaing long term sustainability in market, it is very important to satisfy needs and wants ofcustomers. In today's competitive business environment, various organisations are performing itsoperations such as public, private & voluntary. Each have its own legal structure and puropse aswell which distinguish it from others. It is crucial for every business enterprise to follow all thelaws and regulations frame by government so that activities can run smoothly. Types oforganisation as well as its legal structure and purposes are defined below: Private Organisations: Private individuals are the one who owned and controlled such kind of organisations.Involvement of government in activities and operations of private firms is less. Contribution ofthis sector in growth and development of economy is very high. The main purpose behindrunning of private organisations is to yield high revenues and profits. Around 89% ofcontribution is given by private companies in gross domestic product of country. Their main aimis to expand their business operations area and cover market share. Marks & Spencer is fallunder the category of private organisation.
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Company overview: Marks & Spencer is a British multinational retailer which is headquartered in London. Itoffers clothes, luxury food and home products to its target customers. The company wasestablished in 1884 and perform its operations in various countries of the world. Its primarypurpose is to earn high revenues by effectively satisfying needs and requirements of customers. Purpose of firm: To administer those goods and services to target customers which are of high quality. Satisfy customers by providing them some value for money. To improve profit ratios of firm and acquire large portion of market share. To enhance and expand operations of business on constant basis. Types of legal structures of private organisation: Partnership: When any business is started by two or more persons then it referred aspartnership firms. For starting such kinds of firm, a legal document or an agereement is signedby all the partners which considers as a legal proof of business ownership. Profits and losses aredivided among all partners equally on the basis of their share in firm. Sole proprietorship: Single person is responsible for operatintg and managing alloperations and activities of business in such kind of firms. They enjoy all profits but at the sametime, they have to bear all losses of company solely. Decision making is quick and effectiverelated to business functioning as there is single owner in such kind of legal structure. Limited companies: These firms are bifurcate into two types – limited by share andlimited by grantee. Advantages and disadvantages of private firm:MeritsDemerits Interference of legal authority in activities offirm is less. They ignore society from their area of interestand emphasize only on earning high profits. Highly innovative goods & services are offeredby company for meeting consumer needs. People has less confidence in such firms as itsaffairs are not known. Public sector organisation: These are the organisations that are fully managed and controlled by legal authority ofrespective nation. They emphasize more on development & welfare of society rather then
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