The popularity of the internet and the benefits of the “Information Age” which has created the possibility for accessing information through electronic data interface and allows consumers and businesses living worlds apart to exchange information and do business on line. For a business involving craft items and their universal appeal, there is no better market medium than the internet. In consideration of this business, I would suggest a domestic corporation because of the numerous advantages of this form of business, as compared to the other forms of partnership. The organization structure could be either centralization, or decentralization.
The fact that matters most in any organization is to properly coordinate the actions of employees to achieve organizational goals. And the way to go about doing that, is by combining tasks allocated to groups – departmentalization; configuring a system of division of labor to create specialized tasks, proportioning span of control, and adequately formalizing rules and procedures to shape up employees’ jobs and activities
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Business Structure
The current popularity of businesses on the internet, and its capacity as a market medium to reach a large volume of customers worldwide has gotten entrepreneurs exploring all the available options. Considering a business involving craft items and its universal appeal, the
World Wide Web is the most appropriate conduit to reach potential customers word wide. My brother and I are to start the craft business and my suggestion would be for us to opt for a domestic corporation business structure. I would need to convey this message to my brother in the context of the advantages of a domestic corporation over the other types of business partnerships, and in this particular case, making craft items and selling them on the internet, which has the potential to expand on a national, or even international level. A corporation would be an ideal place in running this business in order to achieve its fullest potential, and as business owners to maximize profitability. Even though we are creating a domestic corporation initially, government regulations give this type of business the latitude to expand to the level of an alien corporation in another state, or even a foreign corporation, outside the country.
Compared to other types of business partnership, a corporation is considered a separate legal entity, with some very specific advantages over other forms of business ownership. The biggest advantage of this form of business ownership is the limited liabilities of the owners. The flexibility the incorporators have in running the corporation and not being directly involved in the general operations, makes a corporation very attractive for the entrepreneurial mind. A
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corporation as a legal entity created by the state, with its assets and liabilities separate from its owners. As a legal entity, a corporation has many of the rights, duties, and powers of a person; such as the right to receive, own, and transfer property. Corporations can enter into contracts with individuals, or with other legal entities, and they can sue and be sued in court. After securing a corporate charter, the owners hold an organizational meeting at which the corporation’s bylaws are established and a board of directors elected, and rules and procedures for their operations are also described in the bylaws. The corporation reserves the right to go public or be private. The fact that the corporation can sell shares to enable other people, including employees to own stocks, which makes them legal owners of the corporation, and couple with the fact that board of directors, internal or external, and chosen by the stock holders to oversee the general operation of the corporation and set the long-range objective of
you'll make when starting a business is which legal structure to use. Because it's such an important decision, you should get advice from a qualified independent business, financial or legal advisor. A business name is simply a name or title under which a person, or other legal entity, trades. It not only identifies you to your customers, but also allows you to differentiate yourself from your competitors and enables your customers to make an emotional connection to your business and brand. For many businesses…
Chrissenda Pierre-Louis Business Structures Finance/571 Dale Hilken February 24, 2014 The videos were very informative and outlined the necessary steps to start a business. Planning is key to starting and maintaining a successful business. Individuals interested in starting a business must determine the type of business they will start, the target market, and demographic. Due diligence must be done by starting with a comprehensive business plan. There are three types of business structures an individual…
Business Structures Jessica Richards FIN561 December 18, 2014 Glenn Alan Business Structures There are many factors to take into account when deciding on what type of business to open. The first step is to look at all of the different types of business structures and determine which best meets the needs and wants of the business and owner. This paper will discuss three different business types; sole proprietorships, partnerships, and corporations; as well as, the advantages and disadvantages of each…
Sole Proprietorship A business with one owner who is responsible for all features of the business. Everything that happens in the company from the daily operation to the legal obligations are controlled by one individual. Sole Proprietorship Advantages: • Convenience - Usually the least costly to begin. Sole proprietorships are easy to start up. They entail acquiring the proper licenses and permits. Regulations very from industry, state, and county. There is no administrative configuration…
process administrating any supplier quality assurance system. TAKS 1b BRC company has more than one organisational structures: • • • • tall structure geographical structure matrix structure product oriented structure TALL STRUCTURE BOARDS OF DIRECTORS WORKS MANAGER PRODUCTION ENGENEERING MANAGER PRODUCTION MANAGER PRODUCTION CONTROL SUPERVISIOR PRODUCTION LINE FOREMAN Tall structure contain many layers and usually exist only in large organisation like BRC because of necessity of dividing the…
Business Structure I chose to use the functional structure for my business. I chose the business structure because I thought that it was the best one for my business because my business is only one division and not multiple divisions. In my business the CEO will be the one that makes the major decisions like who will be hired and if necessary who may be fired. The CEO will also be in charge of everyone who works in the business. There will only be one manager because there are not…
Business Structure Jason Marino University of Phoenix FIN/571 Oscar Lewis January 12, 2015 Introduction When starting and owning a business, you need to understand the importance choosing the legal structure of your organization; the different types of business structures are Sole Proprietorship, Partnership and Corporation. The following paragraphs will provide an explanation of each and the advantages and disadvantage of each business configuration. Personal Business Structures Sole…
Business Structure Name BUS/210 October 6, 2013 Teodora Cupes Business Structure This business is an Accounting firm servicing clients of all sizes, from the average citizen in the community requiring tax assistance or other financial organization needs, to small businesses as well as large corporations. This company is a moderately-sized limited liability company which utilizes the market structure. This structure will group clients into divisions and assign employees to work those divisions. There…
Business Structure Advice FIN 571 Finance Instructor Hello Mr. Owner. I hope that this email finds you well. I am responding to your email dated March 24, 2015 in reference to developing a business plan. First of all, congratulations is in order on your decision to start your own business! This is an exciting step in your future and it would be my pleasure to assist you in any way that I can. Whether you choose to take on partners or not, I have gathered information for you…
Business Ownership Structures DS BUS201|Introduction to Business in a Technology World Argosy University There are four main types of businesses in society today. In this paper, I will discuss these four, one at a time, and its’ advantages and disadvantages. There is much to know and learn about each different type of business. I will begin with the simplest and work my way to the most complex. Let’s begin with Sole Proprietorship. This is when a business is owned…