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Business Organization (PRE‐REQUISITES (Selection, Feasibility Report,…
Business Organization
PRE‐REQUISITES
Selection
Feasibility Report
Nature of Business
Demand of Product
Size of Business
Availability of Capital
Business Location
Government Policy
Availability of Raw Material
Availability of Machines
Availability of Labor
Means of Transportation
Power Resources
Hiring Employees
Product Pricing
IMPORTANCE
Distribution
Feedback
Finance Management
Fixing of Responsibilities
Minimum Cost
Minimum Wastage
Product Growth
Quick Decision
Recognition Problems
Reduces the Cost
Secretariat Functions
Skilled Salesmen
Transportation
FUNCTIONS
Production
Sales
Finance
Management Function
Innovation
Accounting
Marketing
Quality Improvement
Motivation
Research
Public Relation
Types Of Organization
Cooperative Socities
Features
Protection of Mutual Interest
Easy Formation
Limited Liability
Equal Rights
Equal Distribution of Wealth
Partnership
Features
Profit and Loss Distribution
Legal Entity
Transfer of Rights
Number of Partners
Management
Unlimited Liability
Characteristics
Agreement
Audit
Agent
Business
Cooperation
Dissolution
Legal Entity
Management
Number of Partners
Object
Partnership Act
Payment of Tax
Profit and Loss Distribution
Registration
Relationship
Share in Capital
Transfer of Rights
Unlimited Liability
ADVANTAGES
Simplicity in Formation
Simplicity in Dissolution
Sufficient Capital
Skilled Workers
Sense of Responsibility
Satisfaction of Partners
Secrecy
Social Benefit
Expansion of Business
Flexibility
Tax Facility
Public Factor
Prime Credit Standing
Minority Protection
Moral Promotion
Distribution of Work
Combined Abilities
Absence of Fraud
DISADVANTAGES
Unlimited Liability
Limited Life of Firm
Limited Capital
Limited Abilities
Limited number of Partners
Legal Defects
Lack of Interest
Lack of Public Confidence
Lack of Prompt Decision
Lack of Secrecy
Chances of Dispute among Partners
Expansion Problem
Frozen Investment
Risk of Loss
Transfer of Rights
Types of Partners
Active Partner
Secret Partner
Sleeping Partner
Silent Partner
Senior Partner
Sub‐Partner
Junior Partner
Major Partner
Minor Partner
Nominal Partner
Deceased Partner
Limited Partner
Unlimited Partner
Incoming Partner
Retired Partner
Partner in Profits only
Quasi Partner
Partner by Estoppel
Kinds Of Partnership
PARTNERSHIP AT WILL
Indefinite Period
Existence after Completion of Venture
Existence after Expiry of Period
Particular partnership
Limited partnership
Joint Stock Company
Features
Transferability of shares
Limited Liability
Separate Legal Entity
Creation of Law
Common Seal
Number of Members
Combination
Features
Division of Labour
Effective Management
Economy in Production
Destructive Competition
SOLE PROPRIETORSHIP
Features
Management
Profit
Ownership
Unlimited Liability
Easy Formation
Easy Dissolution
Chahracteristics
Capital
Easy Dissolution
Easily Transferable
Freedom of Action
Formation
Legal Entity
Legal Restriction
Limited Life
Management
Ownership
Profit
Size
Success of Business
Secrecy
Unlimited Liability
Advantages
Contacted with the Customers
Direct Relationship with Workers
Easy Formation
Easy Dissolution
Easy Transfer of Ownership
Entire Profit
Entire Control
Flexibility
Honesty
Independence
Personal Satisfaction
Prime Credit Standing
Quick Decisions
Personal Interest
Saving in Interest on Borrowed Capital
Saving in Legal Expenses
Saving in Management Expenses
Saving in Taxes
Secrecy
Social Benefits
Disadvantages
Continuity
Chances of Fraud
Expansion Difficulty
Lack of Advertisement
Lack of Capital
Lack of Inspection and Audit
Lack of Innovation
Lack of Public Confidence
Lack of Skilled Persons
Management Difficulty
Much Strain on Health
Not Durable
Permanent Existence
Risk of Careless Drawings
Risk of Loss
Unlimited Liability