Unit 1 Business and The Business Environment
Introduction
Business environment refers to internal and external factors which may affect on functioning of company that includes of customers, management and employees because of legal and regulation consideration (Wild, Wild. and Han, 2014). In this report, HSBC Bank consists of different type, size and scope of organization by determining organizational structure. Moreover, they also involving of business environment internal and external factors. In addition to this, internal factors includes of SWOT and external factors includes of PESTEL for all type of organization whether it is type of primary, secondary and tertiary sector. However, organization is this report are as follows that are sole traders, partnership and public.
Task 1
In a business environment, there are different types of organizations by including some advantages and disadvantages on the basis of size, scope and also considering of legal structure. Some of the organization are as follows:
Private Sector Company: In business environment private sector company is portion of economy in which goods and service are manufactured and distributed by individual. Moreover, private company does not consider of government and bureaucracy because here, legal structure exist (Bryman. and Bell, 2015). It depends on legal power because they consist of some domicile over there which affect on working style of organization.
Sole Traders: It is that type of company which is run and owned by one individual only and it also does not consist of legal differentiation between owner and business. There main aim is to full control on strategic decision making and also does not involve of any staff for managing their work because they have to make payment. Moreover, they also need not prepare account because sole traders add income and expenses to tax return.
Public Company: It involve of open membership for general public because their shares are traded freely during stock exchange. This company can be formed when there is minimum 7 members by considering of no upper limit for members (Bharadwaj. and et.al., 2013). These companies promote their goods to general public through prospectus. There main focus is on control process which include of greater control and supervision of control because through this, they are in their limits during offering of prospectus to public.
Partnership company: It is that type of business organization in which two and more individual are involved for earning profit by including of their skills, knowledge and experience of working (Lin. and Liao, 2015). Moreover, they share profit and loss equally or may related to partnership agreement. This type of firm can exist whenever they want but they involves all partners for agreeing on same condition i.e. bearing loss and reward proportionally.
Voluntary company: This sector is known as third sector company. Therefore, this type of organization involves of non-profit sector and not for profit sector because these are created for meeting out on basis of social needs and wants. However, there are many voluntary organization which are working in this state for socio economic development of people who are entitled in this.
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