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Understanding Different Types of Organisations
1.
Understanding Different Types, Size
and Scope of Organisations DR FRED OKPALA
2.
Objectives To Understand Different
Types of Organisation To Understand Different Sizes of Organisation To Understand Different Scope of Organisation Copyright © 2021 Talent & Skills HuB
3.
Types of Organisations Sole
proprietorship General partnership Limited Partnership Limited Liability Partnership Limited Liability Company Corporation or Private Limited Companies Not for Profit Organisations Non-Government Organisations Public Limited Company Copyright © 2021 Talent & Skills HuB
4.
Sole Proprietorship A sole
proprietorship (also referred to as sole trader) is a legal set up where the business is owned and controlled by a single person. The business owner is not legally separate from the business and therefore, is personally liable for all aspects of the business, including finances. Any profits generated are the business owner’s to keep but similarly, all debts owed by the business are also the business owner’s personal liability. Because there is no legal distinction between the owner and the business entity; the owner has personal and unlimited accountability for any losses and debts incurred by the business and may have to settle these using his/her own personal finances or assets. Sole traders can employ workers, but ultimately, the final responsibility remains with the owner. Copyright © 2021 Talent & Skills HuB
5.
General Partnership A general
partnership is created when two or more persons associate to carry on a business for profit. A partnership generally operates in accordance with a partnership agreement, but there is no requirement that the agreement be in writing and no state-filing requirement. Partnership are usually terminable at will or at the death of any of the partners, and partnership interests cannot be sold or transferred without the consent of the other partners. However, a partnership provides no liability protection to its owners. In fact, each partner is jointly and severally liable for all debts of the partnership. Copyright © 2021 Talent & Skills HuB
6.
Limited Partnership A limited
partnership is a partnership formed by two or more persons and having one or more general partners and one or more limited partners. This type of business ownership operates in accordance with a partnership agreement, written or oral, of the partners as to the affairs of the limited partnership and the conduct of its business. General partners are fully liable for the debts of the partnership, while limited partners are not liable for the debts of the partnership, but may not participate in management of the business. Copyright © 2021 Talent & Skills HuB
7.
Limited Liability Partnership In
order to limit the liability of its general partners, a general partner may opt to register as a limited liability partnership. Hence, in limited liability partnership, there is no general partners. All of the owners of the LLP have limited personal liability for the business debts. Limited liability partnership is particularly well-suited to professional groups, such as lawyers and accountants. The major reason behind this type of partnership is to prevent the partners to be personally liable for another partner's problems, particularly those involving malpractice claims. Copyright © 2021 Talent & Skills HuB
8.
Limited Liability Company Limited
companies are incorporated which means they are separate legal entities and have their own legal status; hence they are distinct from their owners. In the UK, limited companies are incorporated as a ‘legal person’ at Companies House where they are allocated a unique company number. Because it is distinct legal entity on its own, a company can own assets in its own name, enter into contracts, sue or be sued. The owners are protected by limited liability i.e. they are only responsible for business debts valuing at the sum of their initial investment into the company. Copyright © 2021 Talent & Skills HuB
9.
Corporation or Private
Limited Companies Private limited companies are often small privately held business entities whose liability is limited by shares. Because the business is small and privately held, the business is limited to having a small number of shareholders (for e.g. 50 shareholders in the UK). Moreover, the shares cannot be publicly traded which means that private limited companies cannot list their shares on the stock exchange. In the UK, there is no minimum capital requirement to set up private limited companies apart from having at least one share issued at the time of incorporation. Many SMEs operate under a private limited company status as it allows them to seek protection from personal liability and reduce personal risk whilst allowing them to raise funds through sale of shares. Copyright © 2021 Talent & Skills HuB
10.
Public Limited Company Public
limited companies (PLC) are limited liability companies that can sell and trade their shares freely on the stock exchange. Unlike private limited companies, PLCs are subject to a minimum capital requirement (for e.g. £50,000.00 in the UK). They must also appoint two directors and a company secretary and must also file their annual returns every 12 months. PLCs can have several different types of shares including ordinary shares (which have no special rights or restrictions), preference shares (right to preferential payment on annual dividends) and redeemable shares (allowing the company to buy back the shares after a certain period). The key advantage of setting up a PLC is the ability to raise finance through sale of shares to the public. However, the cost of setting up a PLC is not always affordable to smaller businesses which might struggle to raise finances elsewhere. Copyright © 2021 Talent & Skills HuB
11.
Not for Profit
Organisations Not for profit organisations are those organisations which are set up for a purpose other than financial gain. These organisations can be differentiated from for profit organisations on the basis that their primary motive is not to generate private profits for business owners but rather to work for public benefit. The organisations that fall under the not for profit category can include charities and social enterprises. Although some of these organisations might undertake business activities, the sums generated from these activities are used to further the cause they advocate, and their profits are never distributed amongst their members. Not for profit organisations are usually always tax exempt and generate their funding through donations, sponsorships and other similar investments. Copyright © 2021 Talent & Skills HuB
12.
Non-Government Organisations Non-government organisations,
most commonly referred to as NGOs, are non-profit organisations that operate independently from the state or government. Although they may still receive state funding, NGOs operate without representation from the government. The World Bank has identified two different groups of NGOs: operational NGOs and advocacy NGOs. Operational NGOs usually work towards the designing and implementation of development-based projects Advocacy NGOs work towards promoting a specific cause. Like most non-profit organisations, NGOs are also reliant on external funding that comes through donations, membership dues and grants etc. Copyright © 2021 Talent & Skills HuB
13.
Sizes of Organisation Micro
(Less than 10 employees) Small Enterprises (Less than 50 employees) Medium Enterprises (Less than 250 employees) Large Enterprises (250 employees and above) Copyright © 2021 Talent & Skills HuB
14.
Scopes of Organisations Local National International Global Copyright
© 2021 Talent & Skills HuB
15.
Choosing Among Different
Types of Business Ownership Choosing among the types of business ownership involves a balancing of competing concerns. In the start-up phase of a new closely-held business, when the company is probably losing money, "pass-through" tax structures (general partnership, limited partnership, limited liability partnership, or limited liability company) are preferable. Most of these structures have some disadvantages if the entity is successful and wishes to grow and attract capital from outside investors. Partnership structures provide the best legal protection to minority owners, but leave all the owners exposed to unlimited liability. Copyright © 2021 Talent & Skills HuB
16.
Choosing Among Different
Types of Business Ownership Cont. Limited partnership shield limited partners from liability, but limited partners are prohibited from active participation in management. Limited liability partnerships shield some partners from liability but only if they have no involvement in the transaction creating the debt or liability. The most useful type of business ownership for large and growing organizations is the corporation, which combines limited liability, separation of ownership and control (allowing for passive investors) and permanence. Copyright © 2021 Talent & Skills HuB
17.
Talent & Skills HuB T&S-HuB
is an enabling environment that supports people in the development of their talents and skills and in the actualisation of their personal passions and ambitions. We help learners and individuals sharpen and exhibit their talents and skills while exploring relevant and life changing opportunities that suit their passions. You can be supported by our instructors, counsellors, and mentors on employability skills and other personal and professional development. Book an appointment for one-to-one or group tutoring through our website; ts-hub.com You can also contact us via email: contactus@ts-hub.com Copyright © 2021 Talent & Skills HuB
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