Legal structure
20 important questions on Legal structure
Why is the legal form important?
2) Liability exposure
3) Start up and future capital requirements
4) Control
5) Management succession plans
6) Flexibility
What are the four basis structures?
- Partnerships
- Incorperated companies
- Cooperatives
What are the advantages of a sole priertorship?
- Doesn't have to consult (making quick decisions) with anyone in the decision making process
- Easy to start, less expensive
- Fewer government regulations
- Tax over income for business earnings
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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What is the legal structure from most companies?
What are the important questions you ask before starting SP?
- Does entrepreneur have the professional and commercial know-how?
What are the advantages of general partnerships?
- Right to make decisions
- Collaboration within the co.
- Higher credit worthiness of the bussiness
What are the disadvantages of general partnerships?
What are the advantages of limited partnerships?
- Not liable with private means
- Collaboration within the co.
- Higher creditworthiness of the company
Who is liable in a LLP?
Against what are partners in LLP protected?
What are the disadvantages of private limited?
- Authorised capital required
- Bank loans need security for their loans
- Obligated book keeping
What is the def. for not-for-profit organisation?
What is a co-operative?
What are the key priciples that guide the delegation of authority?
Decision making on the lowest feasible level in the organisation
- Parity principle
Authority must equal responsibility
- Span of control
Number of people a manager supervises
- Unity principle
No one in an organisation reports back to more than one supervisor
What are the principles of organisational design?
2) Give critical tasks prominence and allow them to function without restriction
3) Keep support staff to a minimum
4) Keep working small units
What are autonomous proft centres?
What are line activities?
What is staff activity?
What are two approaches to decision making?
Decision-making authority by few top executives
- Decentralized decision-making system
Decision making by lower levels of managers
The process from input and output has two steps. Which are those?
- Economical efficient (maximum profit).
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
