Types of Business Organizations and Legal Consequences for IOM Solution

Business Law
BMP4002

TABLE OF CONTENT
INTRODUCTION...............................................................................................................................3
MAIN BODY.......................................................................................................................................3
Types of business organisations........................................................................................................3
Recommendation...............................................................................................................................7
CONCLUSION....................................................................................................................................7
REFERENCES....................................................................................................................................8

INTRODUCTION
In today’s time There is a rapid change in all the global environment with the help of
commercial activities and the business that are being taken place in all the areas. Business is
generally an important undertaking which creates the essential goods in order to generate
profit and revenue. All the organisations used to abide the rules and regulations that are to be
followed in the enterprise. There is being seen that for managing a proper business all the
rights, liabilities and the duties are impliedly being applied as this is generally an expanded
ambit of legislation which provides different kinds of laws that are needed to be follows
which are like employment law, contract law, company law etc. in UK there is statutory and
common law which manages all the law-making power as the prior one deals with the
Parliament who have the supreme authorities and the common law exemplify the judicial
president in which the judges used to provide the laws through cases (Ordonez-Ponce,Clarke,
and Colbert, 2021). This report will cover and analyzation for IOM solution which deals
with fresh produce for all local takeaway and convenience store. There will be given the
business structure that sole trader can switch in order to organise the business effectively.
Further this report will also cover the legal consequences and recommendation for the
business organisation.
MAIN BODY
Types of business organisations
In order to initiate any business, it is important to manage the restructuring and the
reorganising of the industry or the company which is being enforced to scrutinise all the
effective legal solution with the general consequences that are applied for the business
practises. IOM solution as in need to re-organise the business have majorly different kinds of
variable options which are being provided for their future expansion. Some of the important
factors for the firm or the company are tax amount, personal liability, finance, administrative
work, management and accountability (Lamtiar, and et. al., 2021). As IOM solution is a sole
trader business is having different options for properly organisations which are given their
under:
Limited company
It is a privately owned company or business practice which considers to have
shareholders and directors used to manage the proper running of the company. The directors
are mainly the person who manages all the functions and effective practises. There is being
analysed that it is a separate legal body which provides to have general rights and obligations.