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Unit 3 ORGANISATIONS

What are the main differences between three main company structures: sole trader, partnership, limited company?

Sole Proprietorship(Trader)the business organization in which a

-single person owns, manages and controls all the activities of the business is known as sole proprietorship form of business organization. The individual who owns and runs the sole proprietorship business is called a ‘sole proprietor’ or ‘sole trader’. A sole proprietor

-pools and organizes the resources in a systematic way and controls the activities with the sole objective of earning profit. This form of business is the oldest and most common form of business organization.

Partnership. A company form of business organization is known as a Joint Stock Company. It is a

-voluntary association of persons who generally contribute capital to carry on a particular type of business, which is

-established by law and can be dissolved only by law. Persons who contribute capital become members of the company. This form of business has a legal existence separate from its members, which means even if its members die, the company remains in existence. This form of business organizations generally requires huge capital investment, which is contributed by its members.

Private Limited Company

These companies can be

-formed by at least two individuals having minimum fixed paid–up capital (the amount of money is determined by legislation of the country). The total membership of these companies cannot exceed a certain number of people ( this number can be different in different countries).

The shares allotted to its members are also not freely transferable between them. These companies are not allowed to raise money from the public through open invitation and are required to use “Private Limited” after their names.

Public Limited Company.

A minimum of seven members are required to

-form a public limited company. It must have

-minimum paid–up capital. There is no restriction on maximum number of members.

The shares allotted to the members are freely transferable. These companies can raise funds from general public through open invitations by

selling its shares or accepting fixed deposits. These companies are required to write either ‘public limited’ or ‘limited’ after their names. These are the main, but not the only types of business organization.

What is necessary for creating a good working environment?

There are some important points of creating a good working environment. Firstly, employees should be provided with individual freedom, for example, in using equipment like laptops. Secondly, in the company should be a training programme, which helps workers to develop. Thirdly, companies should decentralize responsibiliyu and authority. In conclusion, companies should be democratic with their employees in order to bring them job satisfaction and get effective work actions from them.

What changes have many companies faced recently?

The current buzzword is flexibility. This has a number of related meanings. Where people can choose when they work within certain limits. Then there is the flexible working of the British Airways office, with some of its staff hot-desking, particularly those who are homeworklng, teleworking or telecommuting and only need to come into the office occasionally.

A third type of flexibility is where employees are recruited on short contracts to work on specific projects, maybe part-time. Perhaps the organisation only has a core staff, and outsources or contracts out work from outside as and when required. Some management experts say that this is the future, with self-employment as the norm, and portfolio workers who have a number of different clients.