MGTS7608 Business And Society

MGTS7608 Business And Society

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MGTS7608 Business And Society

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MGTS7608 Business And Society

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Course Code: MGTS7608
University: The University Of Queensland

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Country: Australia

Question: 
From notes 2 (I will attach all available notes later and send you by email), we know the most common forms of businesses are: sole proprietorships, partnerships and corporations. For this week’s assignment, you are required to make a comparison between each form of business in terms of its advantage and disadvantages to the owner through listing their features individually. 
Answer:

Introduction:
A business unit is an organization or part of the organization that operates and functions independently. It is a profit making unit which is focused on market segments and enhancing production of a firm. This essay compares the features of three forms of business units which are partnerships, sole proprietorships and corporations.
Sole proprietorship
It is a business that is owned by one person. The owner enjoys the profit alone since they are personally liable and takes risks too. In this type of business, a small amount of capital is needed to start. A sole proprietorship has the following advantages; a few legal procedures are involved in forming it, sole proprietors make decisions on their own and have full control of the business (Döckel and Ligthelm, 2015, pp.59). More so, this type of business has disadvantages which include, taking all responsibilities and decisions of the business, the owners suffer loss alone, it can be difficult for the owners to raise capital on their own. In a situation where the owner dies, there is discontinuity of the business (Sarmento and Renneboog, 2016, pp.101). This type of business also has unlimited liability that is if the owner has business debts, their personal assets can be used to pay off the debts.
Partnerships
They are types of businesses that are owned by two of more people. The source of capital in this type of business is through contributions from the partners. Each partner is liable to the debts of the partnership. A partnership has the following advantages; the initial capital is contributed by each partner making it easy to raise capital, the partners share both losses and profits, there is better decision making since different views from the partners are shared before coming to an ultimate decision (Foret and Klusá?ek, 2014, pp.81). While partnerships have many benefits, they also have a number disadvantages; the business has unlimited liability, conflict  and differences among partners which may occur during decision making, continued disagreement among partners may lead to dissolution of the partnership and lastly in the event of death, resignation, or retirement a partnership may dissolve automatically.
Corporations
Are businesses formed by groups of people, and they have rights and liabilities which are separate from those of the individuals involved. They pay investors through dividends and its ownership is based on the number of shares owned (Marquis, Davis and Glynn, 2013, pp.43). Some of the advantages of corporations are; limited liability experienced by the owners, transferability of shares of ownership, corporations have got continuous existence unlike sole proprietorship where death of owner leads to its dissolution. Business Corporation has some disadvantages which include; there are many legal procedures to be followed before commencing business, they are difficult to dissolve since everything is regulated from formation, operation to dissolution. Also it may discourage creditors due to their limited liability.
Conclusion:
The business units discussed above; sole proprietorship, partnerships and corporation are distinct in various ways such as, formation, which explains the procedures to be followed for them to operational, capital contribution, that is where the initial capital comes from, and dissolution, which outlines different ways and causes that may put an end to a business unit or the procedures to be followed.
Bibliography:
Döckel, J.A. and Ligthelm, A.A., 2015. Factors responsible for the growth of small business. South African Journal of Economic and Management Sciences, 8(1), pp.54-62.
Foret, M. and Klusá?ek, P., 2014. The importance of the partnership and cooperation in the regional development exampled on Znojmo region. Acta universitatis agriculturae et silviculturae Mendelianae Brunensis, 59(4), pp.79-86.
Marquis, C., Davis, G.F. and Glynn, M.A., 2013. Golfing alone? Corporations, elites, and nonprofit growth in 100 American communities. Organization Science, 24(1), pp.39-57.
Sarmento, J.M. and Renneboog, L., 2016. Anatomy of public-private partnerships: their creation, financing and renegotiations. International Journal of Managing Projects in Business, 9(1), pp.94-122.

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