Introduction to Business Studies

Introduction to Business
Studies

Table of Contents
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
Types of business.........................................................................................................................3
Roles and responsibilities of HR, Marketing and Finance Department.......................................4
LO2..................................................................................................................................................5
Groups and Teams of Business....................................................................................................5
Organizational Culture:................................................................................................................6
LO4..................................................................................................................................................6
Role of Financial management in Business Ownership:.............................................................6
Role of Financial management in Business Documentation:......................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
A Business department is the process in an organization which link production to buying and
selling of product or service. It maintains productivity to generate constant profit. This report
will give an introduction to all types of business, roles and responsibilities of all department such
as HR, finance, marketing and develop understanding for collaborative working strategies like
organization environment this will also present knowledge of the role of financial management.
LO1
Types of business
If a person thinks to start-up a business, one of the first things must do decide is which type of
business structure to operate. There are 4 major business types:
Sole protectorship
Partnership
Private limited company or LTD
Public limited company
Which type of business will choose by owner is depended on different factor such as liability,
taxation, control, rising capital, etc.
Sole Protectorship:
It is most common form of business. It is not a legal organization. In this person conduct a
business for themselves. It is the least complex form of business (Kapur, 2016). This business is
easy and inexpensive to start. This business does not have to register as a business organization.
Example: T & A Dixon Accountancy Services is UK based sole protectorship business which
provide accountancy services for small and medium business.