A Comprehensive Report on Various Business Types and Structures

This report provides a comprehensive analysis of various business types and organizational structures. It begins by defining different company sizes, including micro, small, medium, and large businesses, outlining their characteristics and providing examples. The report then delves into different organizational structures, such as sole proprietorships, partnerships, public limited liability companies, and cooperatives, explaining their meanings, characteristics, and illustrative examples. The report concludes by summarizing the key findings, emphasizing the diversity of business types and their contributions to economic growth, and the importance of choosing the right organizational structure. The report uses several academic sources to support the analysis and provide a well-rounded overview of business types.

BUSINESS IN
PRACTICE

Table of Contents
INTRODUCTION...........................................................................................................................3
SECTION: 1 Different types of companies and how they are working .........................................3
SECTION: 2 Define different organisation from sole trader to partnership, cooperatives &
limited liability.................................................................................................................................4
CONCLUSION ...............................................................................................................................6
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REFERENCES................................................................................................................................7

INTRODUCTION
The purpose of this report can be consider as to analyse the different type of business
which is operating in the business environment. Enterprise refers to the separate business entity
in which is being formed by the person or the group with the thinking of making high income
and market growth (Sanasi and et. al., 2020). Businesses use several theories and application in
order to understand the market scenario and the consideration of the government in relation to
the business. In section 1 and 2, the report will cover the various examples of the business. This
report deals with the several kinds of businesses.
SECTION: 1 Different types of companies and how they are working
Micro business
Definition: It is defined as the business venture which are operated for the survival of the
individual because of the availability of limited resources and capital for the purpose of running
their business. They are operating their business in the local market of London due to insufficient
funds.
Characteristics: An enterprises where less than 10 employees are working due to small
size of business and the constricted sources. They normally make the profit of £632000 and
besides emphasis on fulfilling the needs and wants of their possible consumers.
Illustration: Miel Bakery is the suitable illustration for the small enterprises which is
providing few range of products which include pastries, cake and many more.
Small business
Definition: these are the businesses that are bigger as compared to the micro venture and
operating their business in order to continue in the marketplace for the long duration of time
period. They also emphasising on proving various employment opportunities as there working
with maximum 49 employees.
Characteristics: these business operating their business to limited areas due to having
limited funds within the organisation. They are working with the aim of generating higher profits
and also liable to pay taxes to the government by which they earn less amount of profit.
Instance: Broadwood Event House is the suitable illustration for the small enterprise
where they are operating their business with 10 worker and too emphasising on earning high
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income. They also involve in various events as per the demand of the customer by which they
can earn higher revenue.
Medium size business
Definition: Such organisation who are working with the aim of having higher profits in
their operations so that they expand their business with the right approach. They are conducting
their business by having around 50-250 employees and also having sufficient funds in order to
generate higher profits and revenue. Leaders are emphasizing on effective running of the
business by which they can ensure higher profits.
Characteristics: The business is operating their functions with more than 50 employees
and earn the higher revenue and profits which leads to the success of the company(Monippally,
2020). They give the more competitive advantage by availing premium goods to their potential
customers. Risk is the major factor which is associated with innovation an the quality products
due to changing demand of their potential customers.
Example: Capitify is the est illustration for medium size business as they are prosecute in
conducting some sort of search intelligence and taking better decisions.
Large size business
Definition: It refers to the business that are performing their operations on huge level as
they are having global reach and sufficient finances and capital in order to expand their business
to the new markets. There are huge competitive environment by which they emphasis on the
business. They basically focuses on offering quality goods which can meet the demand of the
potential customers. While offering goods, they needs to be more practical and assure high
growth and profits in the target marketplace.
Characteristics: The major feature of the company is operating their business with
higher than 250 employees and also providing several opportunities of job to the general public.
Such type of businesses make the revenue of £1.5 million.
Example: Morrisons is the huge organisation which is the international chain of grocery
store and implanted in 1899, in UK. They are offering foodstuff and home merchandise.
SECTION: 2 Define different organisation from sole trader to partnership, cooperatives &
limited liability.
Sole trader business
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Meaning: It refers to the ventures which are being run and operated by the one person
and that person have the responsibility for all the profits and loose and also apt for paying all the
related taxes to the government.
Characteristics: The owner of such business is individual and which state that there is
no apart legal entity as the owner of the venture is responsible for all the income and looses and
they are apt for paying the liabilities along with taxes to the concern authorities. It is the state in
which the single individual enter in the separate business entity for the purpose of operating the
business.
Example: Carpenters, plumber and hair stylish.
Partnership
Meaning: It is defined as the business under which two or more than two people make an
agreement to perform the business functions collectively and share all the profits and losses in
the agreed ratio. It is also important for the members for showing their capital and resources so
that they can effectively conduct the business with the right approach.
Characteristics: the partners are having predefined contract and for which they have to
work according to the agreement, they share their profits and looses on united basis and they
both are liable to display their capital along with income.
Example: Deciduous partner Ltd can be consider as the best example for the partnership
firms is engaging in giving information on the basis of management work and another related
feature.
Public limited liability business
Meaning: These are the type of organisation which is being controlled by the
government and they are apt and accountable to the laws and rules which is being imposed by
the government of UK. They can easily sell their share in the market or the general public in
order to maintain the financial aspects in the business.
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Characteristics: The managers and the shareholders are involved in forming the
business and al the respective tasks are being passageway below exact code of conduct by which
they can efficaciously meet the goals of the business (Rowlinson, 2020).
Example: Tesco and Burberry are the suitable example as these are the public limited
company and controlled by the government of UK.
Cooperative
Meaning: It is a kind of organisation which is being operated through single person or
the group of person with the sole aim of generating higher profits in their organisation. There is
no interference of the government as they usually perform their task for the satisfaction of their
potential customers.
Characteristics: Such organisation earn higher revenue and profits as there are having
no burden form the government bodies and take their respective decisions by their own. They are
having certain aspects by which they can meet the desire of their potential customers.
Example: Morrisons is the leading retailing company in the world and they are dealing in
bald less fans, vacuum cleaner, electric appliances.
CONCLUSION
From the above report, it has been concluded that there are several kinds of business
which are active in the market and effectively contributing to the growth of the economy.
Different type of organisation such as small,medium and large. There are different type of
business such as sole proprietorship, company and partnership. Organisation use different type
of organisational structure according to their size and type of business.
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REFERENCES
Books and Journals
He, J. and Ortiz, J., 2021. Sustainable business modeling: The need for innovative design
thinking. Journal of Cleaner Production, 298, p.126751.
Monippally, M.M., 2020. Business Communication: From Principles to Practice. McGraw-Hill
Education.
Rowlinson, M., 2020. Business history and organization theory. In Management and
Industry (pp. 7-38). Routledge.
Sanasi, S. and et. al., 2020. Making sense of the sharing economy: a business model innovation
perspective. Technology Analysis & Strategic Management, 32(8), pp.895-909.
Serviss, E., 2021. Engaging with Customers on Social Media: Insights from Business-to-
Business Companies.
Sison, A.J.G., Ferrero, I. and Redín, D.M., 2020. Some virtue ethics implications from
Aristotelian and Confucian perspectives on family and business. Journal of Business
Ethics, 165(2), pp.241-254.
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