MN5F65FB How Business Operate Level 4
Introduction
Business environment includes both external and internal factor that can affect the firm in conducting their business. This includes elements like suppliers, latest technologies, laws and legislation, market and social environment and many more (Charter, 2017) . Therefore, it is important that organisation should consider all the aspect for running their business in an effective manner. Company that has been taken in this is Morrisons. This report will throw light on types and structures of public and private sector in United Kingdom. Business functions are also included in this assignment. Other than this, benefits of team work is mentioned in this report.
Task 1
1.1 Types of organisation found in public and private sector in United Kingdom
Companies that comes under private sector are not majorly under control of government or ownership but sometimes they can collaborate with governmental body so as to deliver appropriate stuff to its end customers. Whereas public are owned and operated by regulatory bodies for the betterment of the citizens. Companies that included in private sector are classified into two i.e.
Individual ownership: It is considered as the oldest and simplest form in business organisation. Solely the person is only responsible for any losses or profits (Sekaran and Bougie, 2016).
Partnership Organisation: under this, the risk are high and companies have limited financial resources.
Organisations that comes under public sector includes:
State Ownership: it is determined as one of the suitable factor for establishing and developing business according to the modern industries.
Central Government: companies that comes under this are fully controlled by the regulatory bodies of the nation.
Therefore, different sectors plays an their role according to the market situations so that they can help the country in increasing their GDP and national income (Shenkar, Luo and Chi, 2014).
1.2 Different structures within the businesses in United Kingdom
There as various kind of business structures and it differs form country to country. Therefore, United Kingdom is following four basic types of structure that are given below so as to understand it in a better manner:
Sole trader: This is considered as an incorporated organisation that is owned by a single person. Under this, small retail shops, musicians etc., it is the simplest form of business that can be started by any person at any point of time if the individual have sufficient amount of money (Storey, 2016).
Partnership: This includes two or more owners who merge or collaborate with their own concern so as to get maximum benefits from the market area. Both the partner shares loss and profit equally. Therefore, for working in partnership they have to sign a legal agreement under which all the norms are included about the business.
Limited liability company: This concept was first proposed in the year 1977, under this the LLC merge the element of corporation with other partnership or sole business owner. So, in this, businessman are not responsible for debts and liabilities.
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