Industrial Technology Management Notes
Types of Business Organization There are several types of business organizations, each with its own structure, advantages, and disadvantages. The choice of business organization depends on factors such as the nature of the business, the number of owners, liability considerations, and taxation. Here are some common types of business organizations: Sole Proprietorship: Description: A business owned and operated by a single individual. Advantages: Easy to start, full control by the owner, and simplified decision-making. Disadvantages: Limited resources, unlimited personal liability, and potential difficulty in raising capital. Partnership: Description: A business owned and operated by two or more individuals who share responsibilities, profits, and liabilities. Advantages: Shared responsibilities, potential for more resources, and simpler decision-making compared to larger entities. Disadvantages: Shared profits, potential for disputes among partners, and general partnerships ...