Types of Business Organizations and Dispute Resolution Methods

This presentation discusses various types of business organizations, including sole proprietorship, partnership firm, limited liability partnership, and limited liability corporation. It also explores the advantages and disadvantages of each type. Additionally, it covers different methods of alternative dispute resolution available to businesses. The presentation provides insights into the formation, management, and funding of legal enterprises and highlights the importance of resolving disputes through legal means.

Business
Law

Table of Content
• Introduction
• Many different types of legal enterprises, its formation,
management, and funding
• Dispute Resolution through Legal Means
• Conclusion
• References

Introduction
The aim of this presentation is to understand various
business organizations, its types and its formation. It also
aims at discussing its advantages and disadvantages. The aim
of this presentation is also to discuss different types of
alternative dispute resolution methods which are available to
the business in case of there exist any dispute or any kind of
issue.

Many different types of legal enterprises,
its formation, management, and funding
• Sole Proprietorship
• Partnership Firm
• Limited Liability Partnership
• Limited Liability Corporation

Sole Proprietorship
This is the most basic and straightforward type of
business structure, in which the entrepreneur is
self-employed and solely responsible for the
company's administration and operations. The only
need for establishing a lone trader business is that
the owner register with HMRC.

Advantage and Disadvantage of sole
proprietorship
Advantage: The business is run by a single person
who has total authority over all of the company's
decisions and operations.

Partnership Firm
That is the type of business structure that involves the
involvement of two or more persons in order to form a
corporation. This type of business is referred to as a
partnership. All owners are equally responsible for the
firm's gains and losses under this model. All tasks,
responsibilities, and privileges are distributed evenly.

Advantage and Disadvantage of
Partnership Firm
Advantage: All loss and risk requirements are evenly
distributed among partners in this corporate form, with
no single partner bearing the brunt of the burden.

Limited Liability Partnership
It's a business structure that's similar to a partnership, but the
partners' responsibilities aren't the same. The partners in such
organizational structure are exclusively accountable for the
liabilities incurred as a result of the funds they raised. Before a
limited liability partnership (LLP) can be formed, all shareholders
must register with HMRC and the business must be registered with
Companies House. The owners of a limited liability partnership are
only responsible for the amount of money they have invested in the
company.

Advantage and Disadvantage of Limited
Liability Partnership
Advantage: This is the type of business structure that is
easy to set up and manage.

Limited Liability Corporation
This is a type of corporate structure in which the firm appears to
have its own legal existence and is regarded apart from its owners
and management. This effectively means that if something goes
wrong at the company, the company, not the management or
owners, would be held liable for the activities committed in its
name. The corporation's board of directors and stockholders are
in charge of these enterprises.

Advantage and Disadvantage of Limited
Liability Corporation
Advantage: This type of corporate structure has the greatest
advantage over any other type of business organization. It
also has its own legal position, separate from that of its
owners or administrators. The proportion of investment that
the investors make in this type of structure is referred to as
the investors' responsibility.

Dispute Resolution through Legal Means
When there is a disagreement between the parties, the matter is
normally resolved in court. In the case of a disagreement, the
parties have a variety of other legal remedies. These legal
remedies are not the same as those found in a courtroom, and they
do not take as long to complete as those found in a courtroom.
Alternative dispute resolution (ADR) techniques come in a
variety of forms, and a few of them are listed below:

Conclusion
It is concluded from this presentation that there are several kinds of companies that
are formed, managed and funded in a distinct or different manner. It is also
concluded that Alternative dispute resolution methods are popular in today's world
since they are rapid and do not take a long time to complete. Each of these methods
is important since it aids companies and people in maintaining their privacy and
reputation. There is truly only one method through which the decision of the third
person selected is legally binding on the party, and that method is the arbitration
procedure. The other two methods can be used if the parties do not want the orders
to have a substantial impact and only need minor assistance in resolving a
disagreement.

References
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Thank You