Question-   Types Of Business Organization

Solution-

BBE PRESENTATION.

Business simply means “A person’s regular occupation, profession, or trade.

Types of businesses;

  1. Sole proprietorship
  2. Partnership
  3. Corporation and Limited liability company {LLC}

 

 

       ADVANTAGES

   DISADVANTAGES

  1. Sole proprietorship
  • All profits are subject to the owner
  • Owners have total flexibility when running the business
  • There is very little regulation for proprietorship

 

  • Owner is 100 percent liable for business debts
  • Ownership of proprietorship is difficult to transfer
  1. Partnership
  • Each partner shares the total profits of the company
  • Similar flexibility and simple design of a proprietorship
  • Each partner is 100 percent responsible for debts and losses
  • Partnership ends when any partner decides to end it
  1. Corporation
  • Limits liability of the owner to debts or losses
  • Can be transferred to new owners fairly easily
  • Corporate operations are costly
  • Establishing a corporation is costly
  • Start a corporate business requires complex paperwork
  1. Limited Liability company
  • Limits liability to the company owners for debts or losses
  • The profits of the LLC are shared by the owners without double-taxation
  • Ownership is limited by certain state laws
  • Agreements must be comprehensive and complex

 

 

               BUSINESS FUNCTIONS;

These are high level groupings of business processes and capabilities that describes a business at its highest level.

  1. Customer service – Managing relationships with customers and handling requests such as inquiries and returns.
  2. Human resources – its functions are related to employees such as recruiting, performance management, benefits and organizational culture.
  3. Marketing – it’s the process of promoting and selling products or services, including market research and advertising. Marketing processes such as promotion, pricing, distribution and sales.

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