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Note for Introduction to Management and Functions - IMF By Sahil chaudhary

  • Introduction to Management and Functions - IMF
  • Note
  • national Institute of science and technology, Berhampur - N.I.S.T.
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Text from page-1

Forms of Organization ◼ Development of an organizational scheme that can accomplish the firm’s purpose and objective efficiently and effectively ◼ The selection of a legal structure ❑ 1. Sole Proprietorship ❑ 2. Partnership ❑ 3. Cooperative ❑ 4. Joint stock company

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Criteria to find ownership ◼ ◼ ◼ ◼ ◼ ◼ ◼ Nature of business Type of product Capital requirement Legal requirement Business conditions Ownership privileges Area and volume of operation

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Features of an ideal organization ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ Easy to form Easy to raise capital Limited liability Relationship and control by owner Continuity or stability Flexibility of operation Lighter tax liability Freedom from state regulation Retention of business secrets

Text from page-4

ORGANIZING Proprietorship, Partnership, Corporation, and Cooperative Legal Forms of Organization Sole Proprietorship • • • • • • • • Owned and operated by one person Simple to organize and shut down Has few legal restrictions Owner is free to make all decisions Profit is taxed only once Unlimited responsibility for debts Difficult to raise capital for growth of business Duration of business is limited to the life of proprietor

Lecture Notes