HSC B. Organization 1 Suggestion Question 2020-2. Business Organization of all business and organizational activities is the act of getting people together to achieve goals and objectives desired by using resources efficiently. Business Organization comprises planning, organizing, staffing personnel, attack or to direct and control an organization (a group of one or more natural or legal persons) or effort to achieve a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources.
HSC B. Organization 1 Suggestion Question 2020-2
Model Question No. 2
B. Organization & Management Part one and two Suggestion and Question Patterns of HSC Examination 2019. Business Organization of all business and organizational activities is the act of getting people together to achieve goals and objectives desired by using resources efficiently.
The B. organization comprises planning, organizing, staffing personnel, attack or to direct and control an organization (a group of one or more natural or legal persons) or effort to achieve a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources. manipulation of human resources, financial resources, technological resources, and natural resources.
A business organization is the legal set-up of your business. Each state and region has different laws for registering your business organization, so check what’s required to set up your business. To decide which type of business organization suits your business, you will choose who is liable and for how much, what assets belong to the company and how they are divided. Your business organization will define whether the business is a for-profit or a non-profit. If it’s for-profit, your business organization dictates how those profits will be divided. The organization will also extend to the hierarchical structure within the company, for day-to-day operations, and in regard to legal responsibility.
Part of the purpose of designating a class of business organization is to contain risk. All businesses inherently come with risk, but the risk can be controlled within the parameters of its organizational structure. Consequently, each type of business organization offers pros and cons, depending on the industry or business set-up.
There are several kinds of business organizations, but they are divided into two main classes; unlimited liability and limited liability. It is essential to understand that liability in the context of a business organization means risk. For example, if a company loses a lawsuit where customers were harmed by their product and it puts them out of business, the financial burden or liability is determined by their business organization – unlimited liability or limited liability.
In an unlimited liability, the owners of the company are liable for shouldering debt, penalties and any other losses associated with their collapse. In a limited liability organization, there is a limit to how much the company owners can be held personally liable for damages and legal costs.
A sole proprietorship is the sole owner of a business who is responsible for all profits, losses, assets, and liabilities. Many sole proprietorships have separate operating names, but it is not required since taxes are paid through the owner’s Social Security number. When someone describes themselves as “self-employed,” they’re often functioning as a sole proprietorship. It requires less paperwork to set up a sole proprietorship and in some regions, no paperwork or formal set-up is required at all.
A sole proprietor oversees all aspects of the company. They may have full-time staff or outsource work to sub-contractors or freelancers. A sole proprietorship is less expensive to start up than some other forms of business organization. The disadvantage of a sole proprietorship is that the business owner assumes all risk and his personal assets are at stake in case of business failure, a lawsuit or other unforeseen financial disasters.
Sole proprietors are therefore often at a disadvantage when it comes to raising capital for their enterprise. Lenders and investors will not only consider the feasibility of the business itself but largely base their decision to lend money on the personal credit history of the business owner.
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