Legal Form Of Business Organization Pdf
FORMS OF BUSINESS ORGANIZATION IN NIGERIA A business entity is responsible for using its economic resources to provide goods or services to customers for profit. Legal Form of Organization.
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You have to appreciate the fact that there are various forms of business organizations that exist in the environment.
Legal form of business organization pdf. The basic legal forms of organization include. If you are considering entering into a business or are involved with an existing business there are a number of different ways to structure your business. A Partnership is a relatively simple way for two or more legal persons to set up and run a business together with a view to profit.
The statements findings conclusions and recommendations found in this study are those of the authors and do not necessarily reflect the views of the Office of Advocacy the United States Small Business. Form of business or ganisation. Partners will usually draw up a legally binding partnership.
The sole proprietorship is the most common form of legal structure for small businesses. A brief description of. Cole Chicago IL 60602.
Joint Stock Company A general commercial partnership in Czech veřejná obchodní společnost is an entity in which at least two persons carry on business activity under a common commercial name and. The functional form of the organization will be covered in greater depth in the next chapter but it should be realized that decisions on these two forms are quite different and have dif-ferent implications for the business. Forms of Business Ownership Learning Objectives 1 Identify the questions to ask in choosing the appropriate form of ownership for a business.
These firms are owned by one person usually the individual who has day-to-day responsibility for running the business. Similarly the business can be wind up any time if the proprietor so decides. A Sole proprietorship b Joint Hindu family business c Partnership d Cooperative societies and e Joint stock company.
The various forms of organization are as follows. A sole proprietorship may be an appropriate form of business for many small and start-up business. Let us start our discussion with sole proprietorship the simplest form of business organisation and then.
3 Identify the different types of partnerships and explain the. The legal entity can be in any form of a business organization. B Quick Decision and Pr ompt Action.
There are different types of companies and business structures in Nigeria. Introduction to the Business Organisation a Organisation. So heshe can take quick decisions on the.
Various forms of business organisations from which one can choose the right one include. Commercial Code in its full version states four forms of business companies. Can be defined as a sociotechnical system whereby people work coherently to accomplish specific goals that evolve from the organisations purpose.
A corporation one of the simpler forms of business organization d. The owner has all responsibility for any of its liabilities or. The vast majority of small businesses start out as sole proprietorships.
The most common form of business structure for small businesses is a limited liability company or LLC which is defined as a separate legal entity and may have an unlimited amount of owners. Limited liability company. Forms of Business Ownership and Legal Implications 41 Consideration for the choice of the form of Business organization.
Under contract number SBAHQ-09-M-0254. The most common types are sole proprietorships partnerships limited partnerships limited liability partnerships and corporations. 2 Describe the sole proprietorship and partnership forms of organization and specify the advantages and disadvantages.
They are typically taxed as a sole proprietorship and require insurance in case of a lawsuit. First it is a note of worth to state that under Nigerian law it is only the Corporate Affairs Commission an agency of the. As stated earlier nobody interferes in the affairs of the sole proprietary organisation.
No legal formalities are required to be observed. The legal form of the organization results from state statutes and the tax code of the Internal Revenue Service. 1 Sole proprietorship 2 Partnership 3 Co-operative Society 4 Joint stock company Private and Public These are explained in brief as follows-31 OBJECTIVES At the end of this lesson you will be able to know z Various forms of.
A partnership can arise without any formal agreement when people carry on a business in common but typically there is agreement to trade as a partnership.
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