PP 3 FORMS OF ORGANIZATIONS

Business Organization

A structured arrangement of individuals to achieve specific goals, affecting legal liability and tax treatment.

Proprietorship

A business owned by one person who has complete control and personal liability for all firm actions.

Partnership

A business structure where two or more individuals share ownership and liability for the business's actions.

Corporation

A legal entity separate from its owners, where the principals are employees and have limited liability.

Limited Liability Company (LLC)

A hybrid business structure providing protection from personal liability for debts or liabilities of the company.

Organizational Structure

The way in which the tasks and responsibilities are divided, coordinated, and supervised within a company.

Continuity of Business

The ability of a business to continue operating, even after changes in ownership or management occur.

Transferability of Interests

The ability of business owners to sell or transfer their ownership roles or interests.

Functional Organization

A structure that categorizes employees based on their specialty within distinct departments.

Matrix Organization

An organizational structure that combines functional and projectized structures, allowing employees to work across departments.

Flatarchy Structure

A blend of functional and flat organizational structures promoting decision-making and reducing hierarchy.

Organizational Culture

The shared values, beliefs, and practices that shape the social and psychological environment of a business.

Business Plan

A written document that outlines a company's goals, the strategy for achieving them, and the resources required.

Team Endeavors

Collaborative efforts within an organization that harness the strengths of various members toward a common goal.

Mergers and Acquisitions

The process of combining two companies (merger) or purchasing one company by another (acquisition) to enhance business capabilities.