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Management Week 3 (For Profit Organizations (Non Incorporated…
Management Week 3
For Profit Organizations
Non Incorporated Organizations
Sole Proprietors
Sole person carrying out some form of
business (e.g. farmers, cleaners) for the
purpose of profit-maximisation
Low Cost
100% Access to Profits
Sole Responsibility for tasks
unlimited Liability
Partnerships
A business relationship established
between two or more persons (e.g.
accountants, lawyers) for the purpose of
profit maximisation
Greater capital, breadth of skills
& abilities
100% access to profits & losses
shared amongst partners
Decisions by consultation
Unlimited Liability
Limited independence
Organisations that are not recognised on
their own as a ‘legal entity’ – unlimited
liability
Incorporated Organizations
Private Limited
Public Limited
Organisations that are recognised on their own as
a ‘legal entity’ – limited liability
Not For Profit Organizations
Charities
Government