Comparative study of business organisation introduction
Answers
Business organisation: A business organisation is a format that is legally recognized and characterized by the legal definition of that particular category.
There are many types of business structures. Some of them are,
- Sole Proprietorship
- General Partnership
- Limited Partnership
- Limited Liability Partnership (LLP)
Sole proprietorship: An individual or a couple in business which is simple to form and operate is called Sole proprietorship.
Partnership Firm: The business is owned, managed and controlled by an Association for profit is referred to as a partnership firm.
Limited Partnership and LLP have only limited control over the business.
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A business organization is a legally recognized format and characterized by the legal definition of the particular format category.
It depends on a number of factors such as liability, initial costs, capital consideration, continuity, degree of control, managerial ability and nature of business.
It is based on the business type such as general partnership, sole proprietorship, etc.