Understanding Business Organization 1

Understanding
Business Organization
1

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................5
TASK 3............................................................................................................................................6
TASK 4............................................................................................................................................6
TASK 5............................................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
Books and journals......................................................................................................................9
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INTRODUCTION
A company or an inventive organization involved in the business, industry, or business life is
known to as a business. Businesses can either be for-profit or non-profit entities. An organization
founded for the means of carrying on a commercialized business activity is referred to as a
business organisation. The foundations of such an organisation include legal systems that control
agreement and trade, property ownership, and registration. The set of beliefs, expectations, and
activities that influence and shape the act of all associates of the team is referred to as
organisational culture. Organizational culture assists in the increment of processes and the way
of judgement call. It also helps the team in approaching indeterminate hurdles. People who work
along with intention performance from having a defined mind-set that unites staff and assist
orderly working set up (Buenechea-Elberdin, 2017). There are various business functions which
have various tasks that an organisation does; they are classified into logistics and production
functions.
TASK 1
An organisation or entrepreneurial institution engaging in business, industrial, or research
projects is known as a business. Businesses can be about or non-profitable project devoted to a
foundation objective or a matter of concern. There are various three types of business like sole
trader, partnership, limited company and many more.
Sole trader:
Sole traders are identity individuals that own operate their personal firm.
Advantages:
It is a type of business which can start directly with the firms.
It is also gainful in rewarding at finance level as there are no other managers of the firms to share
a profitability and production.
It also contains less paperwork when working in this type of business which contains the
information of the entire person who has awareness in the firm (Dave, 2017).
Disadvantages:
Unlimited responsibility implies that legally liable for the company's losses incurred, whether
they're unpaid taxes, workplace rental, or technology expenditures. As a result, if they have
money problems, personal assets, such as home, may be at stake.
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