Business Organizations: Types, Legal Structures, and Recommendations for IOM Solutions

Business organizations

Introduction
Business is known the entity which is engaged in any of the commercial, professional
and industrial activities. Organization can be both profitable non- profitable. Business growth
and profit is differentiated by organizational size and nature. An organization earn profit in
order to maintain owners and employees cost of living. Business is an entity which produce
and sells good and services to earn profit and expand their business. The nonprofit
organization work for fulfilling the needs of needy which involves trustees and charity firms.
There are various kind of businesses with different legal formalities and policies that involves
hybrid, merchandising and manufacturing and producing services which comes under the
forms of business-like sole traders, partnership which individually divided in two forms
limited partnership and limited liability partnership. This report involves the various types of
business and their nature. It also described the professional negligence, vicarious liability in
the business. This report involves the duties and responsibility of a company director in a
company involving memorandum of association and article of association. It also involves
the suitable recommendation of business type for Sam to choose for IOM solution. The
analyzation of report is explained below.