what is the difference between organisation, institution and corporation. please answer in simple words
Answers
Explanation:
Corporation: The business is a separate entity from the individuals that run the business. Various individuals working in several different management roles like shareholders, directors and officers
Agency: A business or organization providing a particular service on behalf of another business, person, or group.
Organization: An organized group of people with a particular purpose, such as a business or government department.
Institution: An organization founded for a religious, educational, professional, or social purpose.
Industry: Economic activity concerned with the processing of raw materials and manufacture of goods in factories.
From legal perspective there is no such business structure as firm. The word "firm" is used interchangeably with the term "company"
A "corporation" is a specific kind of company. Namely, a company that was financed by selling stock.
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