Business Concepts -Unit 2

8/8/2019 Business Concepts -Unit 2

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Unit 2

Business Structure and

Organization


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What in this Unit 2 ???

Historical view of business development

Forms of business organization

Definition, meaning, characteristics, advantages and

disadvantages of 1.Sole Proprietorship

2.Partnership

3.Joint Stock Companies

4.Co-operative societies

5.Public enterprises

Role of government in business activity

Organization charts


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Forms of Organizations

Forms based on ownership

Ownership essential for providing the aspects forcontrolling and enjoying the profit

Based on ownership forms are classified as 1.Sole proprietorship

2.Partnership

3.Co-operative Society

4.Joint stock company 5.Public enterprise and

6.Undivided Hindu family


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Characteristics of an ideal form of

Organization 1.Ease of formation 2.Ease of raising capital

3.Limit to liability

4.Direct relationship between ownership, controland management

5.Flexibility of operation

6.Continuity or stability

7.Retention of business secrets 8.Freedom from state regulation

9.Lighter tax liability


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Entrepreneurs choice in deciding

form of business 1.Type of business viz trading, manufacturing 2.Expected volume of business

3.Area of operation

4.Degree of direct control over management

5.Finance required for initial requirements andexpansions6.Willingness of owners to assume personal liability forbusiness risks

7.Arrangement for sharing profits

8.Expected life-span of business 9.Tax advantage under different types of ownership

10.Degree of government regulation and the freedomdesired by the entrepreneurs


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1.Sole Proprietorship

Sole proprietorship is a form of business

organisation in which an individual

introducesh

is own capital, usesh

is ownskill and intelligence in the management of

its affairs and is solely responsible for the

results of its operations

Oldest


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Features

Single ownership

One man control

Undivided risk Unlimited liability

No government regulation

No separate entity of the firm Useful for a small scale business


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Merits

1.Ease of formation and dissolution

2.Direct motivation

3.Facility of coordination 4.Promptness in decision making

5.Flexibility in management

6.Secrecy

7.Credit standing

8.Freedom from government regulation


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Social utility of Sole Proprietorship

1.Promotes independent living

2.Develop social virtues

3.Avoids concentration of economic power


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Limitations

1.Limited finances

2.Limited managerial skill

3.Unlimited liability 4.Uncertainity of duration


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Conclusion

Useful where

1.The capital required is small

2.Risk is not heavy 3.Quickness of decisions is very important

4.Customers require personal attention

5.Special regard has to be shown to thetastes and fashions of the customers


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2.Joint Hindu Family Firm

Belongs to the family members of a joint

Hindu family

Not partitioned Three successive generations in the male

line

Hindu Succession Act 1956- Femalerelative of the deceased eligible

Governed by the rules of the Hindu Law


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3.Partnership Organisation

More capital required

More hands to manage

Governed by Indian Partnership Act of1932

Defined as The relation between persons

whoh

ave agreed to sh

are profits of abusiness carried on by all or any of them

acting for all


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Characteristics of Partnership

Organisation 1.Existence of business 2.Plurality of persons (atleast two persons)

3.Contractual relationship

4.Profit motive

5.Principal- agent relationship

According to Companies Act 1956, atleast twopersons required to start a partnership firm andthe maximum limit is 20

For a banking business the maximum is 10persons


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Legal characteristics of a

partnersh

ip firm 1.Unlimited liability

2.Utmost good faith

3.Implied agency 4.Restriction on transfer of interest


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Features of Partnership

1.Formation

Partnership Deed Lays down the termsand conditions of the partnership and therights, duties and obligations of partners isdrafted

Lawyer to draft the deed

This to be registered because the firmcannot fight legally.

Registrar of firms


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2.Financing

Contribution in terms of money

Some in terms of skills also Borrowing by pledging the property as

security

3.Control Control with all the partners


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4.Management

Depends on the partners

Some will be dormant

Specific areas will be assigned to specific partners depending ontheir skill/capability

5.Duration Ends when a partner dies or becomes insolvent

If every other partners agree to work in the same way, they can doso

The Indian Partnership Act says a firm can be dissolved if it is foundillegal or its partners become insolvent

A court also can do so

6.Taxation


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Types of Partners

1.Sleeping or Dormant Partners

2.Nominal Partners

Do not invest. Only they lend their names

3.Partners by estoppel

Behaves mistakenly

4.Partners by holding out

Declared to be a partner by another person

5.Minor partners


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Requisites of an ideal partnership

1.Mutual understanding

2.Common approach

3.Good Faith

4.Balancing of skills and talents

5.Adequate long term capital

6.Long duration

7.Written agreement

8.Registration


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Partnership Deed

Must for partnership

A form of agreement among the partners

All mutual rights, powers and obligationsafter discussion are incorporated in the

deed

Service of a lawyer Stamped in accordance with Indian

Stamps Act


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Points to be covered in the deed

1.Nature of the business

2.Name of the business with address

3.Capital to be contributed by each partner

4.Loans from partners ?If yes rate of interest

5.Duties, powers and obligations of partners

6.Method of preparing accounts and arrangement for audit

7.Appropriation of profit

(a)Whether interest allowed on capitals

(b)Whether a partner allowed salary or commission for the work

(c) Profit sharing ratio

8.Amount to be allowed as private drawings and the interest 9.Method by which a partner retires, settlement for the retired

partner and settlements for a deceased partner

10.Valuation of goodwill on admission or death or retirement of apartner


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11.Method of revaluation of assets on admission

or retirement or death

12.Whether a partner can be expelled and if yes

the procedure for expulsion

13.Circumstances when the firm will stand

dissolution and method of dissolution

14.Arbitration in case of dispute among partners 15.Arrangement in case a partner becomes

insolvent


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Registration of firms

Name of the firm

Place of the business

Oth

er places wh

ere th

e firm willh

ave itsbusiness extended

Name and address of the partners

Dates where the partners joined

Duration of the firm

Registration veru much esential


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Rights of a partner

Right to participate in the management

Right to enjoy interest on loan given by

him

Right to inspect the account records

Right to retire

Right to continue in the firm Right towards share in the profit


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Duties and Obligations

To diligently carry the business of the firm

To act in a just and faithful manner towards otherpartners

To maintain correct records and accounts and allow

other partners to inspect them To protect the firm from loss

Not to carry a business that will bring loss to the presentfirm

Not to use the property of the firm to his personal

interests To share the losses with others equally

To act within the scope ofhis authority

Not to assign or transferhis interest in the firm to others


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Dissolution

Dissolution of the firm takes place in the

following circumstances

1.When all concerned agree that the firm has to

be dissolved

2.When all the partners become insolvent

3.When the business becomes illegal

4.When a partner gives a notice of dissolution 5.When the court orders the firm to be dissolved


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Dissolution by court

1.When a partner becomes of unsound mind

2.When a partner becomes permanentlyincapacitated

3.When a partner is guilty of misconductaffecting the business

4.When a partner or partners disagree ordisregard the agreement

5.When a partner assigns or transfers hisinterests to a third person

6.When the business cannot be carried on


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Advantages of a partnership firm

1.Facility of formation

2.Larger resources

3.Promptness in decisions

4.Balanced judgement 5.Personal supervision

6.Flexibility

7.Protection of minority interests 8.Reduced risk

9.The wholesome influence of unlimited liability


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Disadvantages of a partnership firm

1.Lack ofharmony

2.Limited resources in terms of number of

partners (10 in case of banking 20 in caseof others)

3.Limited risk taking

4.Instability 5.Risks of implied authority

6.Lack of public confidence


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4.Joint Stock Company

Company Definition : A company may

be defined as an artificial person (being an

association of natural persons) recognised

by law with a distinctive name, a common

seal, a common capital comprising

transferable shares of fixed value carrying

limited liability and having a perpetualsuccession


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Distinctive characteristics of a

company

1.Separate legal entity

2.Limited liability of members

Shareholders cannot be held liable 3.Perpetual (uninterrupted) existence

4.Common seal as a substitute for

signatures


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Features of Company Organization

1.Formation

By law

Two stages

(a) Promotion

Process of exploration, investigation and theorganisation of necessary resources with the object ofinitiating business under corporate ownership

(b) Incorporation

Is the legal process through which the separate

corporate entity of a company is given recognition by law The following documents have to be filled with the

Registrar of Joint Stock Companies by the promoters


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1.Memorandum of Association- Charter of thecompany laying down the objects and capital ofthe company

2.The Articles of Association-Rules and By-lawsgoverning the company

3.Written consents of persons who have agreedto serve as Directors of the company

4.Notice of the registered office of the company 5.Statutory declaration by the Secretary of the

company


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2.Financing (Private & Public)

3.Control

4.Management (Board of Directors) 5.Duration

6.Taxation


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Distinction between a company and

a Partnership Firm


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Kinds of Companies

1.From the point of view of incorporation

(a) Companies incorporated under a special charter

Not in use in India, but rarely in England

Called chartered companies

(b) Companies established by a special act of Parliament Special cases

LIC, Air India etc

(c) Companies incorporated under the provisions of theCompanies Act

The Companies Act 1956

Large numbers

Called as Registered companies


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2.From the point of view of liability

(a) Companies with unlimited liability

(b) Companies with liability limited by guarantee

(c) Companies with

liability limited by sh

ares 3.From the point of view of Nationality

(a) National companies

(b) Multi National Companies MNCs

4.From the point of view of public interest

(a) Private Company

(b) Public Company

(c) Government Company


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Private Company

A private company is defined as a companywhich by its articles

(a) Limits the number of its members to 50

(b) Proh

ibits invitation to th

e public forsubscription to its shares and debentures and

(c) Restricts the transfer of its shares

Minimum number of members is 2

A private company combines the advantage oflimited liability and the facilities of thepartnership organisation

Preferred by many businessmen


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Public Company

A public limited company does not limit thenumber of its members to 50,is not prohibitedfrom inviting the general public to subscribe itsshares and does not restrict the right of its

members to transfer their shares freely Minimum 7 persons

No limit to maximum persons

Offers its shares to the public at large

Shares can be transferred without anyrestrictions

Transfer takes place through stock exchanges


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Government Company

Called so when the Government (state or

central) has a minimum of 51 % share


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Also to read

1.Memorandum of Association

2.Articles of Association

3.Difference between the above two 4.The prospectus


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Merits of Joint Stock Companies

1.Financial strength

2.Scope for expansion

3.Transfering of ownership

4.Limited liability

5.Diffused risk

6.Stability

7.Tax relief

8.Bold management


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Drawbacks of Joint Stock

Companies

1.Difficulty and cost of formation

2.Possibilities of fraudulent management

3.Lack of personal incentive 4.Oligarchic management

5.Excessive regulation by law

6.Delay in decisions


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5.Co-operative Organisations

Cooperative Societies


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Organisational Structures/Charts


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Why Have a Structure?

All businesses have to organise

what they do

A clear structure makes it easier to see which

part of the business does what

There are many waysto structure a business


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Some Key Terms

Flat or tall structure

Span of control

Chain of command Hierarchy

Delegation

Empowerment


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Ways to Structure a Business

By function: arranging the business according towhat each section or department does

By product or activity: organising according tothe different products made

By area: geographical or regional structure


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Ways to Structure a Business

By customer: where different customer groupshave different needs

By process: where products have to go throughstages as they are made


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Pros and Cons of Different

Structures

This depends on the business type, size

and structure used Lets look at a functional structure:

Production Marketing Accounts Personnel IT

Board of Directors

Chief Executive


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Functional Structure

Advantages

Specialisation each

department focuses on

its own work

Accountability

someone is responsible

for the section

Clarity know your andothers roles

Disadvantages

Closed communicationcould lead to lack

of focus Departments can

become resistantto change

Coordination

may take too long

Gap between top andbottom


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An Example of Organisation

by Product/Activity

Imaging andPrinting Group

PersonalSystems Group

EnterpriseSystems Group

HP ServicesHP Financial

Services

Hewlett Packard


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Organisation by

Product/ActivityAdvantages

Clear focus on market

segmenthelps meetcustomers needs

Positive competitionbetween divisions

Better control as each

division can act asseparate profit centre

Disadvantages

Duplication of functions

(e.g. different salesforce for each division)

Negative effects of

competition

Lack of central controlover each separate

division


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Organisation by AreaHewlett-Packards Headquarters

Worldwide

AmericasHouston, Texas

Europe, Middle East, AfricaGeneva, Switzerland

Asia PacificHong Kong

Hewlett Packard


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Organisation by Area

Advantages

Serve local needs better

Positive competition More effective

communication between

firm and local customers

Disadvantages

Conflict between local

and central

management

Duplication of

resources andfunctions


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Oth

er OrganisationalStructures

By Customer:

Similar effects to structuring by product

By Process:

Similar to structuring by function


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- International

Networks

- Environment

- Logistics

- Safety

Deborah

Williams

Non-

Executiv

e

Brian Collins

Chief

Scientific

Advisor

Archie

Robertson Ch

iefExecutiveHighwaysAgency

DFT BOARD

Strategy

Planning & performance

Capability

- Service

transformation

Robert Devereux

Permanent

Secretary (from 1June)

Simon Webb

DG International

Networks &

Environment

Stephen HickeyDG Safety, Service Delivery &

Christopher

Muttukumar

u Legal

Ann

Hemingway Non-

Executive

Non-

Executive

- City &

Regional

Networks- Accessibility

DGCorporate

Resource

DG City &

Regional

Networks- National

Networks Mike MitchellDG Rail &

National

Networks

DfT New High Level Structure


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Roy Burke

Government Car & DespatchA enc

To be confirmed

Road & Vehicle

Safety & Standards

Vivien Bodnar

Transformation,

Licensing,

Logistics &

Sponsorship

Rosemary

Thew Driving

Standards

Agency

Clive Bennett

Driver & Vehicle

Licensing Agency

Stephen

Tetlow

Vehicle &

OperatorServices

Agency

Paul Markwick

Vehicle CertificationA enc

Stephen Hickey

DG Safety, Service Delivery &

Logistics

Safety, Service Delivery &

Logistics Group Structure


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Divisional Manager (DM)

Stephen Fidler

FLD A

Operator Licensing

& Road HaulageLiaison

David Meredith

Hamid Tavassoly

Steve Blackmore(from 30 April)

Matt Hammond

Francis Liston

FLD B

Road Haulage

Employment

Andrew Angel

Andrew Kelly

(until 31May)

Laura Stokes

Steve Oliver

FLD C

International

FreightNegotiations

Paul Hayes

Geoff Finch

Tim Ward

FLD D

Sustainable

Distribution:Strategy

Duncan Buchanan

Peter Bligh

FLD E

Sustainable

Distribution:Mode Shift

David Glinos

Hayley Bowen

John Robinson

Richard Ah So Leen

FLD F

Sustainable

Distribution:Efficiency &

Research

Ian Corfield

Ian Turner

Khaleda Khatun

Chris Gemmel

(From 10 April)

Deputy Divisional Manager

Cathy Jenkins (from 23 April)

FREIGHT & LOGISTICS DIVISION Current Composition of Teams


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AGM, Boiler, Safety & C&I

Sh. H C Madan

Sr. DGM, Boiler

Sh. Anil Verma

Dy. Manager, Chemist

Sh. S. S. Chauhan

E.T (Boiler)

Sh. Anupam

Chatterjee

E.T (Boiler)

Sh. Kumar

Vikramjeet Singh

E.T (Boiler)

Sh. Braj Bhushan

Yadav

Engineer (Boiler)

Sh. Dhruv Garg

E.T. (Boiler)

Sh. Rohit Chawla

DGM, Boiler

Sh. Jagjit Singh

ORGANIZATION CHART OF BOILER GROUP (MECHANICAL) AS ON 26.11.08


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Functions carried out by Boiler Group

Imparting advanced technical education to internal/ external customers.

Suggestions to MUs/ PEM/ Region/ Site/ TS(HQ) for improvement in products/ systems

Development of expertise within the Group to meet the current and future needs in identified

areas.

Technology and Process Improvements for Erection/ Commissioning/ Troubleshooting/ PG/ PE

Tests/ Servicing/ R&M/ Performance Monitoring.

Conduction of program/ workshop for knowledge sharing.

Preparation of Technical papers/circulars on the basis of site experiences (Inhouse/ National/

International forum).

Assistance to sites for Erection/ Commissioning/ Overhauling/PG/PE Tests.

Assistance to customers based on performance monitoring reports/ feedbacks.

Conductance of Pre-outage survey / health monitoring / condition assessment of ESP.

Planning/ Conducting of Milestone for Boiler Light-up.

Providing technical expertise to attend critical problems referred by Regions , MUs, Higher

Management and internal customers.

Generating failure analysis reports for incorporating improvement in the processes, products and

systems.

Responding to Queries by Power Sector/ Industry Sector/ International Operation Marketing

Division w.r.t. order booking.

Addressing technical issues w.r.t. contract closing.


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Role of Government In Business In economics, laissez-faire describes an environment in which

transactions between private parties are free from state intervention,including restrictive regulations, taxes, tariffs and enforcedmonopolies.

Totalitarianism (ortotalitarian rule) is a political system where thestate, usually under the control of a single political person, faction, orclass, recognizes no limits to its authority and strives to regulate

every aspect of public and private life wherever feasible.Totalitarianism is generally characterized by the coincidence of

authoritarianism (where ordinary citizens have no significant sharein state decision-making) and ideology (a pervasive scheme of values promulgated by institutional means to direct most if not allaspects of public and private life).

Totalitarian regimes or movements maintain political power through

an all-encompassing propaganda disseminated through the state-controlled mass media, a single party that is often marked bypersonality cultism, control over the economy, regulation andrestriction of speech, mass surveillance, and widespread use ofstate terrorism.


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Leaders who practiced

Totalitarianism


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Doctrine of Laissez Faire

State to concentrate only on Law and

Order

Era of free enterprise

Every individual while enjoying the

benefits of the position/life should also

contribute to the society


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Mixed Economy

State to play an active role in theeconomic affairs of the country

State Regulator of economic activity

State takes over the control and ownershipof strategic points in the economy andleaves the rest to private enterprise which

works under proper regulation by the statein public interest

India


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Totalitarianism

Collapse of USSR and East bloc countries

All control in th

eh

ands of th

e state


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Forms of Government Regulation1.General direction and regulation of investment

activity in the private enterprise This is achieved through economic planning at

the national level and through industrial policy

2.Regulation of investment, location, size and

expansion of individual enterprises and specificindustries through industrial licensing

3.Regulation of prices of commodities andindustrial products through legislative authorityand systematic investigations into cost structureand mark-ups

4.Regulation of monopolies and unfair or restrictivetrade practices through legislation


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5.Regulation of wages and bonus for employees inthe private sector to minimise exploitation,ensure reasonable standards of living andmaintain peace and harmony in industry

6.Regulation of corporate management

7.Regulations of specific forms of business activitylike speculation in shares and commodities orimports/exports etc

G l R l i f B i


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General Regulation of Business

Activity Economic Planning

In Totalitarian Economies the state is responsiblefor complete and detailed planning of productionand patterns of consumption

Inn DemocraticM

ixed Economies the governmentassumes an active role in determining the broad

objectives of economic and industrial activity Prioritizes the industrial development

Defines the role that the private and public sectors shall

play in implementing industrial programmes

FIVE YEAR PLANS


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Industrial Policy in India

Pre independence period

Post independence period

Industrial Policy Resolution, 1948 New Industrial Policy, 1991


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Public Enterprise

In certain countries all activities pertaining to theeconomic and commercial carried over by thestate

In countries like ours, the government selectscertain areas where it has its control and leaves

the other areas to the private players

The enterprises owned , managed andcontrolled by the state on behalf of the public atlarge collectively constitute the public enterpriseor the public sector

U /Ad t /R l f P bli


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Uses/Advantages/Roles of Public

Enterprise Public ownership and control

Government takes over, it becomesnationalization

1.Abolition of monopoly

2.Promotion of public welfare

3.Greater economy and coordination

4.Balanced regional development of the industry

5.Assistance in economic development

6.Fuller employment

7.Better deal to workers


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Objectives of the Public Enterprise

1.Assissting in accelerating the pace of economic

growth

2.Increasing opportunities for employment

3.Improving the standard of living

4.Contributing to reduction in disparities in income

and wealth

5.Preventing monopolies6.Paving the way for diffusion of economic power

7.Mobilising and canalizing public savings

Li it ti /W k f th


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Limitations/Weaknesses of the

Public Enterprise

1.Lack of efficiency

2.Political interference

3.Exposure to public censure 4.Rigid financial control


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Organisation of Public Enterprise

Public enterprise in the manufacturing field

have been organized in three forms :

1.As departments of Government

2.As public corporations

3.As mixed ownership corporations or

government companies set up under the

Companies Act


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Departmental Organisation

Run by a Govt department with a minister at thetop

Ex : Railway

ICF Produce for the government

Manned by the civil servants

Financed by the govt


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Disadvantages

1.At the mercy of the political parties

2.Civil servants lack business acumen 3.Workings always subjected to scrutiny

4.Lacks flexibility

5.Red tapism, delay and inadequatedelays


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Public Corporations

Combines public interest with the flexibility of operationcharacteristic of a company in the private sector

Features

1.Corporate body created by special statute of theparliament

2.Owned wholly by the state

3.It has its own legal entity

4.Enjoys financial autonomy

5.Exempted from regulations

6.Management entrusted to a board appointed by theminister

7.Works as service as the motive, not the profit

Mi ed o nership corporation or


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Mixed ownership corporation or

government companies

51 % share held by the government

Ownership with the government and

participation by the public also


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Problems of administration

1.Form of organisation

2.Autonomy of management

3.Composition of board of directors 4.Public accountability

Problems of public sector


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Problems of public sector

enterprise

1.Poor project planning

2.Heavy overheads

HPF 3.Over capitalisation

4.Faulty production planning

5.Poor man power planning


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Organizational chart

An organizational chart (often called

organization chart, org chart,) is a

diagram that shows the structure of an

organization and the relationships andrelative ranks of its parts and

positions/jobs.


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In many large companies the organization

chart can be large and incredibly

complicated and is therefore sometimes

dissected into smaller charts for eachindividual department within the

organization.


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Types

There are three different types of

organization charts:

Hierarchical

Matrix

Flat (also known as Horizontal


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Hierarchical organizational chart

A hierarchical organization is an organizational

structure where every entity in the organization,

except one, is subordinate to a single other entity.

This arrangement is a form of a hierarchy.

In an organization, the hierarchy usually consists

of a singular/group of power at the top with

subsequent levels of power beneath them.


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This is the dominant mode of organization

among large organizations; most corporations,

governments, and organized religions

A hierarchy is typically visualized as a pyramid,

where the height of the ranking or person

depicts their power status


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M t i i ti l h t


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Matrix organizational chart

Matrix Management is a type of organizationalmanagement in which people with similar skills

are pooled for work assignments.

Ex: All engineers may be in one engineeringdepartment and report to an engineering

manager, but these same engineers may be

assigned to different projects and report to a

project manager while working on that project.Therefore, each engineer may have to work

under several managers to get their job done.


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Ad t


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Advantages

Individuals can be chosen according to the

needs of the project.

The use of a project team which is dynamic and

able to view problems in a different way asspecialists have been brought together in a new

environment.

Project managers are directly responsible for

completing the project within a specific deadline

and budget.

Di d t


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Disadvantages conflict of loyalty between line managers

and project managers over the allocation

of resources.

Projects can be difficult to monitor if teams

have a lot of independence.

Costs can be increased if more managers

(ie project managers) are created through

the use of project teams.

Fl t i ti h t


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Flat organization chart

Flat organization (also known as horizontalorganization) refers to an organizational

structure with few or no levels of intervening

management between staff and managers.

The idea is that well-trained workers will be more

productive when they are more directly involved

in the decision making process, rather than

closely supervised by many layers of management.


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This structure is generally possible only in

smaller organizations or individual units withinlarger organizations

The flat organization model promotes employeeinvolvement through a decentralized decision-making process.

By elevating the level of responsibility ofbaseline employees and eliminating layers ofmiddle management, comments and feedbackreach all personnel involved in decisions morequickly.

Expected response to customer feedbackbecomes more rapid.


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Business Concepts -Unit 2

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