The Structure of Business
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This document discusses the structure of business, including legal statuses, sources of finance for startups, sectors in the UK economy, and human resource policies. It provides an overview of each topic and highlights their significance in the business world.
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THE STRUCTURE
OF BUSINESS
OF BUSINESS
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Table of Contents
INTRODUCTION.................................................................................................................................3
TASK....................................................................................................................................................3
FORMULATE A TABLE DEPICTING THE KINDS OF LEGAL STATUSES THAT CAN BE
ADOPTED BY THE STARTUP. HIGHLIGHT THEIR STRENGTHS AND WEAKNESSES.......3
IN ASPECT OF THE BUSINESS IDEA, IDENTIFY THREE SOURCES OF FINANCE THAT
CAN BE ADOPTED FOR THE STARTUP AND EVALUATE THEM ON THE BASIS OF THE
STRENGTHS AND WEAKNESSES...............................................................................................5
DETERMINE THE TYPES OF SECTORS IN ESSENCE OF THE UK ECONOMY WHERE
THE BUSINESSES CAN OPERATE. HIGHLIGHT THEIR SIGNIFICANCE...............................6
EXPLAIN THE VARIOUS HUMAN RESOURCE POLICIES THAT CAN BE APPLIED IN A
BUSINESS ORGANIZATION. ALSO EXPLAIN ITS IMPORTANCE IN THE WORK PLACE..8
CONCLUSION.....................................................................................................................................9
REFERENCES....................................................................................................................................11
INTRODUCTION.................................................................................................................................3
TASK....................................................................................................................................................3
FORMULATE A TABLE DEPICTING THE KINDS OF LEGAL STATUSES THAT CAN BE
ADOPTED BY THE STARTUP. HIGHLIGHT THEIR STRENGTHS AND WEAKNESSES.......3
IN ASPECT OF THE BUSINESS IDEA, IDENTIFY THREE SOURCES OF FINANCE THAT
CAN BE ADOPTED FOR THE STARTUP AND EVALUATE THEM ON THE BASIS OF THE
STRENGTHS AND WEAKNESSES...............................................................................................5
DETERMINE THE TYPES OF SECTORS IN ESSENCE OF THE UK ECONOMY WHERE
THE BUSINESSES CAN OPERATE. HIGHLIGHT THEIR SIGNIFICANCE...............................6
EXPLAIN THE VARIOUS HUMAN RESOURCE POLICIES THAT CAN BE APPLIED IN A
BUSINESS ORGANIZATION. ALSO EXPLAIN ITS IMPORTANCE IN THE WORK PLACE..8
CONCLUSION.....................................................................................................................................9
REFERENCES....................................................................................................................................11
INTRODUCTION
The structure of business is referred to the way the business is organized. A business
structure portrays the legal structure of an organization. The business structure depicts the
owner of the organization, the profit sharing ratio of the organization along with the task
sharing among the managers. This information is necessary regarding the formalities related
to tax and liability as they are dependent upon the structure of the business that an
organization follows. Each business structure follows varied level of tax procedures and has
different responsibilities in terms of unethical behavior or a lawsuit (Acuña-Carvajal and
et.al, 2019).
The business structure is something very important that need to be determined in
order to establish a business. The study revolves around the idea of developing a business
startup which is being approached for a loan in order to meet with the financial needs of the
organization. The study involves various details that need to be considered in order to
establish the business (Ali and Anwar, 2021).
TASK
FORMULATE A TABLE DEPICTING THE KINDS OF LEGAL STATUSES THAT CAN
BE ADOPTED BY THE STARTUP. HIGHLIGHT THEIR STRENGTHS AND
WEAKNESSES.
Whenever a plan to startup arises, the first thing that needs to be decided is the
structure of the business organization or the startup. There are various types of legal statuses
that can be adopted by a startup. Each legal status has its own significance and procedure of
being registered. The various legal statuses that can be adopted by an organization or a
startup are discussed below-
The structure of business is referred to the way the business is organized. A business
structure portrays the legal structure of an organization. The business structure depicts the
owner of the organization, the profit sharing ratio of the organization along with the task
sharing among the managers. This information is necessary regarding the formalities related
to tax and liability as they are dependent upon the structure of the business that an
organization follows. Each business structure follows varied level of tax procedures and has
different responsibilities in terms of unethical behavior or a lawsuit (Acuña-Carvajal and
et.al, 2019).
The business structure is something very important that need to be determined in
order to establish a business. The study revolves around the idea of developing a business
startup which is being approached for a loan in order to meet with the financial needs of the
organization. The study involves various details that need to be considered in order to
establish the business (Ali and Anwar, 2021).
TASK
FORMULATE A TABLE DEPICTING THE KINDS OF LEGAL STATUSES THAT CAN
BE ADOPTED BY THE STARTUP. HIGHLIGHT THEIR STRENGTHS AND
WEAKNESSES.
Whenever a plan to startup arises, the first thing that needs to be decided is the
structure of the business organization or the startup. There are various types of legal statuses
that can be adopted by a startup. Each legal status has its own significance and procedure of
being registered. The various legal statuses that can be adopted by an organization or a
startup are discussed below-
Sole Proprietorship- Sole proprietorship is a very common type of business structure for the
small startups. This kind of business structure is usually owned and operated by a single
person. The single person holds the authority to take decisions and enjoy the profits. The
owner is the sole authority of bearing risks and enjoying the profits along with the execution.
The sole proprietorship can be applied and be suitable for various home based business,
freelancers or the contract based. The things to be considered before opting for this structure
is the funds and the liability one possess (Baker, Kumar, and Pandey, 2021). The various
strengths and weaknesses for sole proprietorship business is discussed below-
Strengths-
Owner is the only person to receive all the gains and profits.
Owner is the only authority to take decisions.
Owner is the only person who has control over the business.
The tax is paid only upon the profits.
It is easy to operate and is cost friendly form of structure.
Weaknesses-
This structure follows unlimited liability which means that if the owner fails to repay
debts in that case his personal property can be seized.
Falls short of funds.
No independent status of the organization (Cao, and Duan, 2017).
Partnership- Partnership form of business structure is where two or more people collaborate
on mutual understanding to share the profits and losses of the business organization along
with the risk sharing. This form of structure requires a legal agreement among the partners
that is also known as a partnership deed. The partnership deed consists of the regulations
regarding profit sharing, capital, admission or retirement of partners and the steps regarding
Business
structure
Sole
proprietorship Partnership Limited liability
corporation
small startups. This kind of business structure is usually owned and operated by a single
person. The single person holds the authority to take decisions and enjoy the profits. The
owner is the sole authority of bearing risks and enjoying the profits along with the execution.
The sole proprietorship can be applied and be suitable for various home based business,
freelancers or the contract based. The things to be considered before opting for this structure
is the funds and the liability one possess (Baker, Kumar, and Pandey, 2021). The various
strengths and weaknesses for sole proprietorship business is discussed below-
Strengths-
Owner is the only person to receive all the gains and profits.
Owner is the only authority to take decisions.
Owner is the only person who has control over the business.
The tax is paid only upon the profits.
It is easy to operate and is cost friendly form of structure.
Weaknesses-
This structure follows unlimited liability which means that if the owner fails to repay
debts in that case his personal property can be seized.
Falls short of funds.
No independent status of the organization (Cao, and Duan, 2017).
Partnership- Partnership form of business structure is where two or more people collaborate
on mutual understanding to share the profits and losses of the business organization along
with the risk sharing. This form of structure requires a legal agreement among the partners
that is also known as a partnership deed. The partnership deed consists of the regulations
regarding profit sharing, capital, admission or retirement of partners and the steps regarding
Business
structure
Sole
proprietorship Partnership Limited liability
corporation
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dissolving of the partnership firm. These are done in order to avoid future conflicts among the
partners. There are various advantages and limitations of the business structure of partnership
which are discussed below-
Advantages-
It has a separate identity
The tax is paid only upon profits
Easy to establish business in the structure.
Partners can possess skills that may act complementary.
Limitations-
Partners are liable for other partners (Díez-Martín, Blanco-González and Prado-
Román, 2020).
It involves sharing of profits among the partners.
The decision making may also take time.
Limited liability Corporation- A limited liability Corporation is said to have a separate
legal identity and a common seal. This form of business structure facilitates limited liability
but involves a complex procedure. It is suitable for the big businesses. There are various
advantages and limitation of the business structure that are discussed below-
Advantages-
This business structure has insurance in case of law suit.
It is a separate legal entity.
It has unlimited number of owners (Downie, 2017).
Disadvantages-
It can have costly procedure of establishment.
It requires legal and accounting assistance.
It incurs administrative cost on annual basis.
IN ASPECT OF THE BUSINESS IDEA, IDENTIFY THREE SOURCES OF FINANCE
THAT CAN BE ADOPTED FOR THE STARTUP AND EVALUATE THEM ON THE
BASIS OF THE STRENGTHS AND WEAKNESSES.
Finance is of huge importance when establishing a startup. Finance is required in
order to meet with the expenses that are being incurred in the organization that is operating a
business activity. There are various sources of finance that can be considered by the various
startups to fulfill the financial needs. Each financial source comes up with various benefits as
well as drawbacks. The various financial sources are discussed below-
Business Loans- Business loan can be referred as among the most common sources of
finance and is suitable for small as well as medium sized business. This source helps in
raising money from banks and other financial institutions and interests are paid in return.
partners. There are various advantages and limitations of the business structure of partnership
which are discussed below-
Advantages-
It has a separate identity
The tax is paid only upon profits
Easy to establish business in the structure.
Partners can possess skills that may act complementary.
Limitations-
Partners are liable for other partners (Díez-Martín, Blanco-González and Prado-
Román, 2020).
It involves sharing of profits among the partners.
The decision making may also take time.
Limited liability Corporation- A limited liability Corporation is said to have a separate
legal identity and a common seal. This form of business structure facilitates limited liability
but involves a complex procedure. It is suitable for the big businesses. There are various
advantages and limitation of the business structure that are discussed below-
Advantages-
This business structure has insurance in case of law suit.
It is a separate legal entity.
It has unlimited number of owners (Downie, 2017).
Disadvantages-
It can have costly procedure of establishment.
It requires legal and accounting assistance.
It incurs administrative cost on annual basis.
IN ASPECT OF THE BUSINESS IDEA, IDENTIFY THREE SOURCES OF FINANCE
THAT CAN BE ADOPTED FOR THE STARTUP AND EVALUATE THEM ON THE
BASIS OF THE STRENGTHS AND WEAKNESSES.
Finance is of huge importance when establishing a startup. Finance is required in
order to meet with the expenses that are being incurred in the organization that is operating a
business activity. There are various sources of finance that can be considered by the various
startups to fulfill the financial needs. Each financial source comes up with various benefits as
well as drawbacks. The various financial sources are discussed below-
Business Loans- Business loan can be referred as among the most common sources of
finance and is suitable for small as well as medium sized business. This source helps in
raising money from banks and other financial institutions and interests are paid in return.
Usually the rate of interest can be very high. The various advantages and disadvantages of
business loans are as follows-
Advantages-
Interest on loan tends to be tax deductible.
Bank loan has a date of expiry when the loan is settled.
The ownership still lies with the owners and the loan provider (Ganushchak-Eimenko
and et.al., 2019).
Disadvantages-
It is very difficult to qualify for the bank loans as there is a tough procedure to qualify
for the loans.
Loans have very high interest rates.
There is a risk of losing assets of the business if the owner fails to repay the loan.
Incubators- Incubators as a source of finance is referred to an organization, an educational
institute that can provide the means for the needful resources in order to establish a startup.
These sources of finance ask for equity in return due to the high potential in a startup. They
may offer marketing resources, cash, office space and various other needful resources.
Incubators as a source of finance have various limitations and benefits. These are explained
below-
Advantages-
They provide free or cheap workspace in order to reduce overhead costs.
Enhances the startups with advice and mentoring.
The incubators provide with a structured environment and a curriculum to show the
right path.
Disadvantages-
The application process is rigorous to apply for financial assistance.
The competition level is high hence a detailed business plan needs to be presented.
These require a huge investment in terms of time as they demand a time commitment
of at least two years (Hsieh, 2017).
Owner’s investment- Another source of raising finances in the organization is use of
owner’s investment. These finances can be the personal savings or the finances from the side
of the business investors. The resources of owner’s investment include savings in form of
cash, checking bank accounts, stock holding, retirement accounts, etc. There are various
advantages as well as drawbacks of the source that are discussed below-
Advantages-
This sources leads to lesser restrictions.
Fast and easy source of financing.
business loans are as follows-
Advantages-
Interest on loan tends to be tax deductible.
Bank loan has a date of expiry when the loan is settled.
The ownership still lies with the owners and the loan provider (Ganushchak-Eimenko
and et.al., 2019).
Disadvantages-
It is very difficult to qualify for the bank loans as there is a tough procedure to qualify
for the loans.
Loans have very high interest rates.
There is a risk of losing assets of the business if the owner fails to repay the loan.
Incubators- Incubators as a source of finance is referred to an organization, an educational
institute that can provide the means for the needful resources in order to establish a startup.
These sources of finance ask for equity in return due to the high potential in a startup. They
may offer marketing resources, cash, office space and various other needful resources.
Incubators as a source of finance have various limitations and benefits. These are explained
below-
Advantages-
They provide free or cheap workspace in order to reduce overhead costs.
Enhances the startups with advice and mentoring.
The incubators provide with a structured environment and a curriculum to show the
right path.
Disadvantages-
The application process is rigorous to apply for financial assistance.
The competition level is high hence a detailed business plan needs to be presented.
These require a huge investment in terms of time as they demand a time commitment
of at least two years (Hsieh, 2017).
Owner’s investment- Another source of raising finances in the organization is use of
owner’s investment. These finances can be the personal savings or the finances from the side
of the business investors. The resources of owner’s investment include savings in form of
cash, checking bank accounts, stock holding, retirement accounts, etc. There are various
advantages as well as drawbacks of the source that are discussed below-
Advantages-
This sources leads to lesser restrictions.
Fast and easy source of financing.
It omits time and efforts of convincing outsiders.
Disadvantages-
It leads to risk on personal finances.
It can involve risk of losing all the savings.
It can have risk on the future too.
DETERMINE THE TYPES OF SECTORS IN ESSENCE OF THE UK ECONOMY
WHERE THE BUSINESSES CAN OPERATE. HIGHLIGHT THEIR SIGNIFICANCE.
There are three types of sectors that can be considered in order to opt for a startup.
The three basic sectors are Primary sector, Secondary sector and Tertiary sector (Jonathan,
2018).
Primary sector- Primary sector is also known as the agriculture sector. The primary sector
deals with the human efforts in order to convert the natural products into a usable state. In
most of the areas, Primary sector deals with extraction of various natural commodities. These
activities include crop production, agriculture, animal husbandry, fishing, mining, forestry,
etc. The primary sector is of huge significance in an economy. The value of primary sector in
aspect of UK economy is discussed below-
The primary sector in UK employs small amount of individuals in the agriculture
sector.
The agriculture sector promotes commercialization with the help of modern
technologies further increasing productivity.
Secondary sector- Secondary sector is also known as manufacturing sector. Secondary
sector involves various economic activities that are practiced in order to convert the raw
material into a finished product with the purpose of final consumption. The raw materials are
gathered from the primary sector industries and further utilized by manufacturing industries
to process a finished product. It is an important sector from the point of view of the national
economy (Masanja, 2018). The significance of secondary sector in aspect of economy of the
UK is explained below-
The manufacturing contributes 20% to the GDP of UK and has been declining since
then.
The fastest growing industries have been chemical industry and electrical engineering.
The most important manufacturing industries in UK are food, beverages, chemical,
engineering, paper, metal, textiles, leather and footwear industries.
Tertiary sector- Tertiary sector is also known as service sector. The industries of these
sectors tend to provide services to the primary as well as manufacturing sectors. The services
that fall under the tertiary sector are banking, insurance, retail, trade, transport,
Disadvantages-
It leads to risk on personal finances.
It can involve risk of losing all the savings.
It can have risk on the future too.
DETERMINE THE TYPES OF SECTORS IN ESSENCE OF THE UK ECONOMY
WHERE THE BUSINESSES CAN OPERATE. HIGHLIGHT THEIR SIGNIFICANCE.
There are three types of sectors that can be considered in order to opt for a startup.
The three basic sectors are Primary sector, Secondary sector and Tertiary sector (Jonathan,
2018).
Primary sector- Primary sector is also known as the agriculture sector. The primary sector
deals with the human efforts in order to convert the natural products into a usable state. In
most of the areas, Primary sector deals with extraction of various natural commodities. These
activities include crop production, agriculture, animal husbandry, fishing, mining, forestry,
etc. The primary sector is of huge significance in an economy. The value of primary sector in
aspect of UK economy is discussed below-
The primary sector in UK employs small amount of individuals in the agriculture
sector.
The agriculture sector promotes commercialization with the help of modern
technologies further increasing productivity.
Secondary sector- Secondary sector is also known as manufacturing sector. Secondary
sector involves various economic activities that are practiced in order to convert the raw
material into a finished product with the purpose of final consumption. The raw materials are
gathered from the primary sector industries and further utilized by manufacturing industries
to process a finished product. It is an important sector from the point of view of the national
economy (Masanja, 2018). The significance of secondary sector in aspect of economy of the
UK is explained below-
The manufacturing contributes 20% to the GDP of UK and has been declining since
then.
The fastest growing industries have been chemical industry and electrical engineering.
The most important manufacturing industries in UK are food, beverages, chemical,
engineering, paper, metal, textiles, leather and footwear industries.
Tertiary sector- Tertiary sector is also known as service sector. The industries of these
sectors tend to provide services to the primary as well as manufacturing sectors. The services
that fall under the tertiary sector are banking, insurance, retail, trade, transport,
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communication, etc. The tertiary sector has evolved drastically in the recent years and is the
major source of employment in the various economies. The tertiary sector is significant to the
economy of UK in various ways. The significance of tertiary sector is explained below-
The tertiary sector amounts to 67% of UK GDP.
It has a share in source of employment 75% in UK.
It has led to increase in the level of personal income of UK citizens.
It has led to changes in consumer expenditure and led to service outsourcing that has
benefitted UK (Moşteanu and Roxana, 2020).
Differentiation between the three sectors-
Primary sector Secondary sector Tertiary sector
The services that are
in relation with the
agriculture and
supportive services
comprise under
primary sector.
Primary sector deals
with providing goods
to the manufacturing
sector.
The primary sectors is
said to utilize the
traditional methods.
This sector is
considered as an
unorganized sector.
The primary sector
comprises of mining,
agriculture and
forestry activities.
The secondary sector
is also known as
manufacturing sector.
Secondary sector
deals with the process
of converting the raw
materials into a
processed good for
the purpose of final
consumption.
The secondary sector
is said to be using
reliable and more
advance method than
that of the primary
sector.
The secondary sector
can be considered as
an organized sector.
The secondary sector
comprises mainly of
the manufacturing
activities, small scale
and large scales
industries (Moşteanu,
Faccia and Cavaliere,
2020 ).
Tertiary sector also
known as service
sector.
The aim of this sector
is provide services to
primary as well as
secondary sector.
The tertiary sector
uses modern facilities
in order to operate the
business.
This sector is
considered to be the
most organized of all.
Various activities like
trading,
communications,
transportation, etc.
fall under this sector.
EXPLAIN THE VARIOUS HUMAN RESOURCE POLICIES THAT CAN BE APPLIED
IN A BUSINESS ORGANIZATION. ALSO EXPLAIN ITS IMPORTANCE IN THE
WORK PLACE.
There are various HR policies that need to be considered for establishing a startup.
The most crucial HR policies that can be considered in aspect of the startup are discussed
below-
major source of employment in the various economies. The tertiary sector is significant to the
economy of UK in various ways. The significance of tertiary sector is explained below-
The tertiary sector amounts to 67% of UK GDP.
It has a share in source of employment 75% in UK.
It has led to increase in the level of personal income of UK citizens.
It has led to changes in consumer expenditure and led to service outsourcing that has
benefitted UK (Moşteanu and Roxana, 2020).
Differentiation between the three sectors-
Primary sector Secondary sector Tertiary sector
The services that are
in relation with the
agriculture and
supportive services
comprise under
primary sector.
Primary sector deals
with providing goods
to the manufacturing
sector.
The primary sectors is
said to utilize the
traditional methods.
This sector is
considered as an
unorganized sector.
The primary sector
comprises of mining,
agriculture and
forestry activities.
The secondary sector
is also known as
manufacturing sector.
Secondary sector
deals with the process
of converting the raw
materials into a
processed good for
the purpose of final
consumption.
The secondary sector
is said to be using
reliable and more
advance method than
that of the primary
sector.
The secondary sector
can be considered as
an organized sector.
The secondary sector
comprises mainly of
the manufacturing
activities, small scale
and large scales
industries (Moşteanu,
Faccia and Cavaliere,
2020 ).
Tertiary sector also
known as service
sector.
The aim of this sector
is provide services to
primary as well as
secondary sector.
The tertiary sector
uses modern facilities
in order to operate the
business.
This sector is
considered to be the
most organized of all.
Various activities like
trading,
communications,
transportation, etc.
fall under this sector.
EXPLAIN THE VARIOUS HUMAN RESOURCE POLICIES THAT CAN BE APPLIED
IN A BUSINESS ORGANIZATION. ALSO EXPLAIN ITS IMPORTANCE IN THE
WORK PLACE.
There are various HR policies that need to be considered for establishing a startup.
The most crucial HR policies that can be considered in aspect of the startup are discussed
below-
Health and Safety at work place
Health and safety is a crucial factor at the work place that needs to be considered by
the HR professionals in their policies. The environment of the workplace of the startup must
be such that it avoids accidents and injuries in order to attract them. The health and safety
factor increases the productivity of the employees and their level of satisfaction at the
workplace. A safe and healthy work environment is important for the employees as well as
the employer. The healthy and safe workplace is need of all the types of business startups
whether they belong to any sector despite of the fact that whether they are small or big.
Establishing a healthy and safe work environment is a responsibility as well as a duty of the
employer (Rong and et.al., 2017).
There are various benefits of a safe and healthy work environment at a modern
workplace. The benefits are discussed below-
The more secure the workplace, the more useful it is. Useful workers are a resource
for all organizations. For example, useful workers can create more yield in less time,
diminishing operational expenses.
There are not many mishaps in a protected workplace. This outcome in less vacation
for wellbeing examinations and decreases costs for laborer's pay. This likewise
decreases the time required for representatives to mend from wounds.
Work environment wellbeing advances the health of representatives and businesses
the same. Better security compares to better wellbeing. Better representatives finish
undertakings all the more effectively, and they are more joyful all in all.
On the off chance that businesses are worried about the security of their
representatives, the workers are more certain and agreeable as a rule. Additionally,
truancy rates drop, and representatives are more centered around tackling their
assignments.
Harm to modern gear makes costs for substitution and fix. Keeping away from work
environment wounds and harm to modern gear will bring about less costs and
increment benefit (Townsend, 2017).
Equality and diversity
Equality and diversity is a topic that is very common in the organizations. It is
important for the organizations to cope up with the diversities in the organization and
maintain a sense of equality among the employees at the workplace. In order to maintain the
equality and diversity, the Human Resource professional sets up policies to maintain a
positive aura to avoid chaos due to the differences among the employees. Equality and
diversity is applicable to all the organizations despite of the sizes whether they employee less
or more individuals and to the organizations of all the sectors. The main motive behind this
policy at the workplace is to allow access to all the employees with the equal opportunities
and fair treatment at the organization.
In order to have a smooth work flow procedures at the organization and avoid
conflicts it is important to cope up with the policies of the Equality and Diversity in the
Health and safety is a crucial factor at the work place that needs to be considered by
the HR professionals in their policies. The environment of the workplace of the startup must
be such that it avoids accidents and injuries in order to attract them. The health and safety
factor increases the productivity of the employees and their level of satisfaction at the
workplace. A safe and healthy work environment is important for the employees as well as
the employer. The healthy and safe workplace is need of all the types of business startups
whether they belong to any sector despite of the fact that whether they are small or big.
Establishing a healthy and safe work environment is a responsibility as well as a duty of the
employer (Rong and et.al., 2017).
There are various benefits of a safe and healthy work environment at a modern
workplace. The benefits are discussed below-
The more secure the workplace, the more useful it is. Useful workers are a resource
for all organizations. For example, useful workers can create more yield in less time,
diminishing operational expenses.
There are not many mishaps in a protected workplace. This outcome in less vacation
for wellbeing examinations and decreases costs for laborer's pay. This likewise
decreases the time required for representatives to mend from wounds.
Work environment wellbeing advances the health of representatives and businesses
the same. Better security compares to better wellbeing. Better representatives finish
undertakings all the more effectively, and they are more joyful all in all.
On the off chance that businesses are worried about the security of their
representatives, the workers are more certain and agreeable as a rule. Additionally,
truancy rates drop, and representatives are more centered around tackling their
assignments.
Harm to modern gear makes costs for substitution and fix. Keeping away from work
environment wounds and harm to modern gear will bring about less costs and
increment benefit (Townsend, 2017).
Equality and diversity
Equality and diversity is a topic that is very common in the organizations. It is
important for the organizations to cope up with the diversities in the organization and
maintain a sense of equality among the employees at the workplace. In order to maintain the
equality and diversity, the Human Resource professional sets up policies to maintain a
positive aura to avoid chaos due to the differences among the employees. Equality and
diversity is applicable to all the organizations despite of the sizes whether they employee less
or more individuals and to the organizations of all the sectors. The main motive behind this
policy at the workplace is to allow access to all the employees with the equal opportunities
and fair treatment at the organization.
In order to have a smooth work flow procedures at the organization and avoid
conflicts it is important to cope up with the policies of the Equality and Diversity in the
business organization. It is essential as there are employees that belong to different
backgrounds but the must be treated fairly in the organization. There are various benefits of
the Human Resource Policies in context of Equality and Diversity. The benefits are discussed
below-
The policy of equality and diversity at the work place will help to attract the most
suitable candidate for the job role as equal opportunity will be allowed to each and
every individual despite of the adverse backgrounds.
These kind of policy will lead to empowerment of the employees and further lead to
increase in the morale of the employees at the organization. As the only thing that
would be taken into account in aspect of the individual is their aptitude.
In the case of a diverse workforce it leads to opportunities for innovation in the
organization and when they are treated equally their views are kept into consideration
which leads to problem solving in an efficient manners.
The organization that values their diversified employees with equal treatment leads to
increase in the comfort level and thus improves the employee retention at the
organization.
The diversity and equality policy has a benefit of providing an enhanced customer
support due to the diversified language skills that help in promotion of goods and
services in the different regions (Vershitsky and et.al., 2019).
CONCLUSION
It can be concluded from the above study that business structure is of huge importance
when it comes to operation of the business activity. The business structure reflects the
characteristics and significance of the organization or business. The report highlights upon
various topics that are of significance when planning for a startup. The report focuses on the
various types of legal statuses that can be adopted by the various organizations. Each kind of
legal status has its own importance and limitations in an organization. The report further
focuses upon the strengths and weaknesses of the various sources of finance that can be
brought into consideration for a business startup. The report further focuses upon the various
sectors of the UK economy that can be selected for operating a business. The report focuses
upon the Human Resource policies and their impact upon the modern workplace of an
organization.
backgrounds but the must be treated fairly in the organization. There are various benefits of
the Human Resource Policies in context of Equality and Diversity. The benefits are discussed
below-
The policy of equality and diversity at the work place will help to attract the most
suitable candidate for the job role as equal opportunity will be allowed to each and
every individual despite of the adverse backgrounds.
These kind of policy will lead to empowerment of the employees and further lead to
increase in the morale of the employees at the organization. As the only thing that
would be taken into account in aspect of the individual is their aptitude.
In the case of a diverse workforce it leads to opportunities for innovation in the
organization and when they are treated equally their views are kept into consideration
which leads to problem solving in an efficient manners.
The organization that values their diversified employees with equal treatment leads to
increase in the comfort level and thus improves the employee retention at the
organization.
The diversity and equality policy has a benefit of providing an enhanced customer
support due to the diversified language skills that help in promotion of goods and
services in the different regions (Vershitsky and et.al., 2019).
CONCLUSION
It can be concluded from the above study that business structure is of huge importance
when it comes to operation of the business activity. The business structure reflects the
characteristics and significance of the organization or business. The report highlights upon
various topics that are of significance when planning for a startup. The report focuses on the
various types of legal statuses that can be adopted by the various organizations. Each kind of
legal status has its own importance and limitations in an organization. The report further
focuses upon the strengths and weaknesses of the various sources of finance that can be
brought into consideration for a business startup. The report further focuses upon the various
sectors of the UK economy that can be selected for operating a business. The report focuses
upon the Human Resource policies and their impact upon the modern workplace of an
organization.
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REFERENCES
Books and Journals
Acuña-Carvajal, F. and et.al, 2019. An integrated method to plan, structure and validate a
business strategy using fuzzy DEMATEL and the balanced scorecard. Expert Systems
with Applications. 122. pp.351-368.
Ali, B. J. and Anwar, G., 2021. Intellectual capital: A modern model to measure the value
creation in a business. Ali, BJ, & Anwar, G.(2021). Intellectual capital: A modern
model to measure the value creation in a business. International journal of
Engineering, Business and Management. 5(2). pp.31-43.
Baker, H. K., Kumar, S. and Pandey, N., 2021. Thirty years of Small Business Economics: A
bibliometric overview. Small Business Economics. 56(1). pp.487-517.
Cao, G. and Duan, Y., 2017. How do top-and bottom-performing companies differ in using
business analytics?. Journal of Enterprise Information Management.
Díez-Martín, F., Blanco-González, A. and Prado-Román, C., 2020. The intellectual structure
of organizational legitimacy research: a co-citation analysis in business journals.
Review of Managerial Science. pp.1-37.
Downie, C., 2017. Business actors, political resistance, and strategies for policymakers.
Energy Policy. 108. pp.583-592.
Ganushchak-Eimenko, L. and et.al., 2019. Methodological framework for integrated business
structures branding development in Ukraine.
Hsieh, N. H., 2017. The responsibilities and role of business in relation to society: Back to
basics?. Business Ethics Quarterly. 27(2). pp.293-314.
Jonathan, G. M., 2018. Influence of organizational structure on business-IT alignment: what
we do (not) know. In 17th International Conference Perspectives in Business
Informatics Research (BIR 2018), Stockholm, Sweden, September 24-26, 2018 (pp.
375-386). CEUR-WS. org.
Masanja, N. M., 2018. Introduction to business research. NMM Printers.
Moşteanu, D. and Roxana, N., 2020. Management of Disaster and Business Continuity in a
Digital World. International Journal of Management. 11(4).
Moşteanu, N. R., Faccia, A. and Cavaliere, L. P. L., 2020, August. Digitalization and green
economy-changes of business perspectives. In Proceedings of the 2020 4th
International Conference on Cloud and Big Data Computing (pp. 108-112).
Rong, K. and et.al., 2017. Organizing business ecosystems in emerging electric vehicle
industry: Structure, mechanism, and integrated configuration. Energy Policy. 107.
pp.234-247.
Townsend, A. K., 2017. Business ecology: The Future of Green Business? (pp. 187-213).
Routledge.
Vershitsky, A.V. and et.al., 2019. Methodological manual to evaluate the functioning of
small business ownership structures. Research Journal of Pharmaceutical, Biological
and Chemical Sciences. 10(1). pp.1708-1715.
Books and Journals
Acuña-Carvajal, F. and et.al, 2019. An integrated method to plan, structure and validate a
business strategy using fuzzy DEMATEL and the balanced scorecard. Expert Systems
with Applications. 122. pp.351-368.
Ali, B. J. and Anwar, G., 2021. Intellectual capital: A modern model to measure the value
creation in a business. Ali, BJ, & Anwar, G.(2021). Intellectual capital: A modern
model to measure the value creation in a business. International journal of
Engineering, Business and Management. 5(2). pp.31-43.
Baker, H. K., Kumar, S. and Pandey, N., 2021. Thirty years of Small Business Economics: A
bibliometric overview. Small Business Economics. 56(1). pp.487-517.
Cao, G. and Duan, Y., 2017. How do top-and bottom-performing companies differ in using
business analytics?. Journal of Enterprise Information Management.
Díez-Martín, F., Blanco-González, A. and Prado-Román, C., 2020. The intellectual structure
of organizational legitimacy research: a co-citation analysis in business journals.
Review of Managerial Science. pp.1-37.
Downie, C., 2017. Business actors, political resistance, and strategies for policymakers.
Energy Policy. 108. pp.583-592.
Ganushchak-Eimenko, L. and et.al., 2019. Methodological framework for integrated business
structures branding development in Ukraine.
Hsieh, N. H., 2017. The responsibilities and role of business in relation to society: Back to
basics?. Business Ethics Quarterly. 27(2). pp.293-314.
Jonathan, G. M., 2018. Influence of organizational structure on business-IT alignment: what
we do (not) know. In 17th International Conference Perspectives in Business
Informatics Research (BIR 2018), Stockholm, Sweden, September 24-26, 2018 (pp.
375-386). CEUR-WS. org.
Masanja, N. M., 2018. Introduction to business research. NMM Printers.
Moşteanu, D. and Roxana, N., 2020. Management of Disaster and Business Continuity in a
Digital World. International Journal of Management. 11(4).
Moşteanu, N. R., Faccia, A. and Cavaliere, L. P. L., 2020, August. Digitalization and green
economy-changes of business perspectives. In Proceedings of the 2020 4th
International Conference on Cloud and Big Data Computing (pp. 108-112).
Rong, K. and et.al., 2017. Organizing business ecosystems in emerging electric vehicle
industry: Structure, mechanism, and integrated configuration. Energy Policy. 107.
pp.234-247.
Townsend, A. K., 2017. Business ecology: The Future of Green Business? (pp. 187-213).
Routledge.
Vershitsky, A.V. and et.al., 2019. Methodological manual to evaluate the functioning of
small business ownership structures. Research Journal of Pharmaceutical, Biological
and Chemical Sciences. 10(1). pp.1708-1715.
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