1.4 FORMS OF BUSINESS ORGANISATION
We are now clear with the terms “business” and “organisation.” As far as the term ‘form’ is concerned, it refers to the structure of any business enterprise from the standpoint of (i) ownership (ii) size and (iii) law. Form defines the ownership of the organisation, its size (small, medium or big) and scope of its authority and limitations under the law.
In the present day, business organisation has been accepted as a profession because of the complexities of modern business. So more and more qualified and trained people are needed to solve the complexities of business. Business can be run on different setups of organisation. For instance, it can be run by a single person, with limited capital and resources. ...
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