As a business grows, the number of departments often grows along with it. The evolution of departments in a business closely parallels the evolution of the business itself. Imagine for a moment that two college friends want to start the Acme Widget company. At first, one friend may handle the production side of things, while the other manages sales side.
Types of business structures Sole Proprietorship A Sole Proprietorship is one individual or married couple in business alone. Sole proprietorships are the most common form of business structure. This type of business is simple to form and operate, and may enjoy greater flexibility of management, fewer legal controls, and fewer taxes.
However, the business owner is personally liable for all debts incurred by the business. General Partnership A General Partnership is composed of 2 or more persons usually not a married couple who agree to contribute money, labor, or skill to a business.
Each partner shares the profits, losses, and management of the business, and each partner is personally and equally liable for debts of the partnership.
Formal terms of the partnership are usually contained in a written partnership agreement. Limited Partnership A Limited Partnership is composed of one or more general partners and one or more limited partners.
The general partners manage the business and share fully in its profits and losses. Limited partners share in the profits of the business, but their losses are limited to the extent of their investment.
Limited partners are usually not involved in the day-to-day operations of the business. Filing with the Washington Secretary of State is required.
This business structure is used most by professionals, such as accountants and lawyers. This type of business structure may shield general partners from liability for obligations of the LLLP. Corporation A Corporation is a more complex business structure.
A corporation has certain rights, privileges, and liabilities beyond those of an individual. Doing business as a corporation may yield tax or financial benefits, but these can be offset by other considerations, such as increased licensing fees or decreased personal control.
Corporations may be formed for profit or nonprofit purposes. Nonprofit Corporation A Nonprofit Corporation is a legal entity and is typically run to further an ideal or goal rather than in the interests of profit.
Many nonprofits serve the public interest, but some engage in private sector activities. If your nonprofit organization is, or plans to, raise funds from the public, it may also be required to register with the Charities Program of the Washington Secretary of State.
Charitable activities may require additional registration.
Contact the Office of the Secretary of State for more information. The agreement details the organization of the LLC, including provisions for management, assignability of interests, and distribution of profits and losses.
LLCs are permitted to engage in any lawful, for-profit business or activity other than banking or insurance. Massachusetts Trust A Massachusetts Trust is an incorporated business with the property being held and managed by the trustees for the shareholders.
The trustees are considered employees since they work for the trust.I was in the market for a new cell phone and service provider over the weekend and I had narrowed my options down to Verizon or Cingular AT&T.I’ve had both services in the past and haven’t really had any complaints about either.
A business plan for a service business is different than a plan for other types of businesses. That's why a sample business plan for an accountant, insurance agent, self storage business, cleaning service, dry cleaning, travel agent or other service business will be so helpful.
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Each department manager should expect back-and-forth negotiations with top management, including the small-business owner, during the finalization of the department budgets.
A department manager should not have the attitude that he is being singled out -- in most instances all departments will be asked to make modifications to their plans. Honestly, ACN is a beautiful idea: It seems to us they have taken the collective ability of 1 million people to beg and pester their friends/family for a favor, and turned it into an enormous business.
Business development department supports and guides company's strategic planning, influences short-term and long-term goal setting, and provides information for effective decision-making in company .
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