Nobody downloaded yet

Business Management Affairs - Coursework Example

Comments (0) Cite this document
Summary
Business Management There are a number of ways in which businesses can be run and managed. Keeping the scenario in view, there are 3 possible options available for us to expand the business. These options, however, require careful considerations to both advantages associated with them…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97% of users find it useful
Business Management Affairs
Read TextPreview

Extract of sample "Business Management Affairs"

Download file to see previous pages A sole proprietorship brings the authority of running and controlling business activities to a single individual who can make important and minor decisions, control business environment and change policies where necessary. The accounting requirements and legal rules applicable on sole proprietors are less rigid and complex as compared to partnerships and companies. It is also considered to be on e of the cheapest forms of setting up a business (Gitman et al 2008). The advantages and disadvantages of sole proprietorship, however, need a deeper and keen observation to form a decision based on the examination of the three available options for us. This recommendation would provide advantages and disadvantages of sole trader, Limited Liability Company and partnerships. It would further conclude as to which venture is better for the organization. Advantages of a Sole Trader As highlighted above, there are a number of benefits that sole proprietorship brings for the sole owner of the business. The first and the most rewarding benefit that this kind of business brings is the Controlling power that the owner receives. Sole trading maintains the highest level of autonomy in terms of running the business, choosing activities, methods and making autonomous decisions. A sole proprietor enjoys the autonomy of running the business in a manner that he wishes or considers appropriate to do so. A decision made by sole proprietor is not challenged by others in normal circumstances. The interference of other parties is less likely to influence the decisions of a sole trader and hence, the level of independence is upheld when setting up a business as a sole trader (Mifflin 2004; Gitman et al 2008). The second most attractive effect of dealing as a sole trader is the ability and right to retain the whole profit earned by the business. The sole traders are not required to distribute whole or part of their profits as required in the partnerships and companies. Another benefit that sole traders enjoy is the privacy of their data and business records. The companies are required to publicize their data and submit the annual reports to the companies’ house. The sole trader is free from such formalities required by the law or the stock market rules. It is also argued that sole proprietors are more responsible and specialist in terms of the nature and size of the business they are managing. The argument is supported by the view that sole proprietors are individually responsible for the profits and losses their business makes. Hence, the owners try to exercise such systems and controls which assure the long-lasting survival and profits of the business. In that, sole traders are also quicker and more efficient in making decisions about their business. Their observation of the customer’s demands and expectations help them in making informed judgements of what may help in the long run success of their business. They implement policies and change which aid the business’s aim (Toit et al 2007; DeFrancesco 2006). Disadvantages of Sole Trader The advantages are not enjoyed without the risks of certain disadvantages surrounding the sole trading. Sole responsibility for the liabilities and losses is one the basic disadvantage that sole traders face. The sole proprietorship, further, does not acquire the separate legal entity status which disables such ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Business Management Affairs Coursework Example | Topics and Well Written Essays - 1750 words - 1”, n.d.)
Retrieved from https://studentshare.org/statistics/1427285-business-management-affairs
(Business Management Affairs Coursework Example | Topics and Well Written Essays - 1750 Words - 1)
https://studentshare.org/statistics/1427285-business-management-affairs.
“Business Management Affairs Coursework Example | Topics and Well Written Essays - 1750 Words - 1”, n.d. https://studentshare.org/statistics/1427285-business-management-affairs.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Business Management Affairs

Business Management Affairs

...?Business Management Affairs: Case Study Introduction Business is the best area for an individual to demonstrate his/her potential as it promises unlimited opportunities and rewarding challenges. According to economic surveys, a person’s life expenses increase by ten per cent every year with considerably marginal growth in his/her annual income. Therefore, business is the best choice to procure unlimited income to meet the mounting expenses. However, it is not easy to commence a business because a detailed planning process is essential to evaluate different market opportunities and threats. The following part of the paper with specific focus on the pros and corns of Sole Trading, Partnership, and Company Operations, illustrates... . The...
7 Pages(1750 words)Coursework

Business Management Affairs

... with international business (Keenan and Riches, 2011). In the international business, conflicting laws can immensely create a negative effect within the contracting element. It becomes essential to adopt internationally accepted law to govern all the contracts. This can immensely reduce instances of individuals being locked out of events using contracting laws. The production company discussed here can effectively manage its contracting elements using the English law. References Adams, A., 2010. Law for Business Students (6th Edition). Harlow: Pearson/ Longman. Keenan and Riches, 2011. Business Law (10th Edition). Harlow: Pearson Longman... ?Business Law Grade 19th December, Introduction An extensive Knowledge and...
6 Pages(1500 words)Coursework

Business Management Affairs (TORT)

...?Business Management Affairs (TORT) Table of Contents Table of Contents 2 Introduction 3 Principles of the Tort Law 4 Meaning of the Law 4 Recommendations to Gary 5 Defences Available to the Solicitor 6 Conclusion 7 References 8 8 8 Introduction “You’reHired”, a reality show, organised by Simon gained success over the UK in which the winner was offered a designation of Production Manager at Simons TV. Simon further approached Gary, a judge in the same show, to invest in the business in order to open an overseas office that will help the company to expand in the international market. Gary did not deny the proposal, however, made it specific that he will be...
4 Pages(1000 words)Assignment

Infernal Affairs

...?Infernal Affairs: A Movie Review Introduction This cop action thriller was released in 2002 under the direction of Wai-keung Lau and Alan Mak. Set in Hong Kong, this police action is starred by Tony Leung and Andy Lau. The movie received critical acclaims from various movie review sites because of its exquisite cinematography and was praised by New York Times’ movie reviewer Elvis Mitchell because of its “intricate and well-told” story line (par. 4), apart from the fact that The Departed based its screenplay in the said movie .This gangster themed movie is worth watching and deserving of its critical acclaims because of its depth, as evident in the inner turmoil faced by the main characters who lived their lives in lies,...
7 Pages(1750 words)Essay

International Affairs

...to their students of the real life working in the field of international affairs. Now when universities will not include international affairs program in their offered courses, how come grant makers would realize the need of funding in this area. That's why when we try to search universities offering postgraduate education in International affairs program; we mostly find public universities offering programs in this area. The second thing is that the grants are normally given to the people who are pursuing degrees in the field of science management and medicines since according to their perception they contribute directly to the development and well being...
32 Pages(8000 words)Essay

International Affairs

...http www.huffingtonpost.com/2009/03/01/roxana-saberi-us-journali_n_170915.html. Your request is being processed... Roxana Saberi, Former Miss NorthDakota, Journalist, Arrested In Iran For Buying Bottle Of Wine, Says Her Father FARGO, N.D. — A U.S. journalist has been arrested in Iran, and her father said Sunday she told him in a brief phone call she was detained after buying a bottle of wine. Roxana Saberi, 31, has not been heard from since her last call on Feb. 10, her father, Reza, told The Associated Press on Sunday. "We havent heard anything," he said. The family decided to go public, he said, "because we wanted to get some information." Officials in Iran have not publicly confirmed the arrest. A duty officer at the U.S. State...
2 Pages(500 words)Essay

Business Management Affairs

...Business Management Affairs Introduction In the modern world, there is no aspect of life that is entirely free of contractual relationships. Human beings acquire rights and obligations, for instance, when one borrows funds, when they buy or lease a house, when they obtain insurance, and in this particular case (involving Simon and Davina), when they are forming a business with another person. Contract law in general aims at providing stability and predictability for both parties to a contract (Dunham, 2008). During the pre-negotiation of a contract, effective planning is very important in order to achieve success in the contract. Data gathering, data assessment, and the...
9 Pages(2250 words)Essay

Business Management Affairs

...Business Management Affairs] Introduction This case can be administered under the tort of negligence. Negligence can be defined as the failure to use the required degree of care in a given situation to prevent harm to others. According to Per Alderson., Blyth v Birmingham Waterworks Co (1856), “Negligence is the omission to do something which a reasonable man, guided upon those considerations which ordinarily regulate the conduct of human affairs, would do, or doing something which a prudent and reasonable man would not do,” It is a breach of legal duty which causes damage that was not desired to the claimant (Miller & Jentz, 2009, p. 95). Negligence can occur into ways....
4 Pages(1000 words)Coursework

Health affairs

...Health affairs There are some factors considered to determine the health status of a certain community. Such factors include education levels, income generations as well as other socioeconomic factors. Several researches indicate that socially poor patients are likely to be victims of heart related diseases. This work tends to portray the relationship between socioeconomic status and poor health conditions in the society. The work clearly distinguishes factors that contribute to poor health from those factors that limit patients from accessing health facilities. The work also tends to outline several economic theories applicable in the relationship between socioeconomic status and health status. Studies...
2 Pages(500 words)Essay

Management Affairs

...Faculty of Business Environment and Society 14 Module No 102SAM MODULE Management Affairs Following their engagement, Kim and Kanye decide they want… 1) On the requirements and contents of a legally binding contract under English Law 2) Of the consequences if Kim breaches their agreement 3) Advise the Board of Directors of Choc Delux of their liability to Kim under the tort of negligence. Contract law is largely concerned with the economic exchange in the market (Wishart, 2012). One thing should be considered that the UK contract law and the American law are different. In this case the offer is being made by the company, Choc Delux, to the couple, Kim and Kanye. In case the couple accepts the offer, the company and the couple... of their...
4 Pages(1000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Coursework on topic Business Management Affairs for FREE!

Contact Us