Business is the practice of buying and selling goods and services to generate profit. It encompasses a wide range of activities, including marketing, finance, and operations.
Committee Organisation Committee Organisation is a type of democratic organisation where all the decisions and work are carried out after mutual discussions and majority voting. In a similar manner, it has a Working Committee which is formed by the heads of different departments of the organisation, who put forward the problems of each department in …
Line and Staff Organisation This method was developed to remove the defects of the Line Organisation and Functional Organisation. Under this system, the work is divided into independent divisions and responsibility is also divided in a scalar form but a technical specialist is also appointed along with the departmental heads. These specialists only give advice …
Line Organisation This form of organisation has several names like Vertical Organisation, Scalar Organisation, Military Type Organisation or Departmental Organisation. This is the oldest and most popular form of organisation. It creates a chain of command, which allows the flow of authority downwards, from the top management to the subordinates. In other words, the highest …
Meaning of Organisation The term Organisation means to put into working order or arrange in a system. It performs the task of arranging in order the various steps involved in the entire process of production. It is that device through which production is maximised at minimum cost. In other words, the task of establishing effective …
Vertical Combination When two or more units, performing different sequential activities in the same industry are combined, the combination is called Vertical Combination. In this kind of combination, the work of combined units is not competitive but is complementary to each other, that is, the finished product of one unit is the raw material for …
Horizontal Combination When two or more units engaged in the same kind of business join or combine under single management, the combination is called Horizontal Combination. The quality of such combined units is that they carry on the same trade before the combination. Such kind of combination is undertaken mostly when too much competition is …
Meaning of Industrial Combination When two or more business units join to work together, ending all competition between them, it is called Industrial Combination. In other words, combining various units attaining their objectives economically; keeping in mind the welfare of the people is called Combination. For combining, it is not necessary for both the units …
The Optimum Unit is where the production is maximum at minimum cost. Meaning of The Optimum Business Unit The Optimum Size of a business unit refers to such a unit that has all the factors of production in an ideal proportion such that, the factors of production are united in such a manner that maximum …
Type of Company We can classify the company on several bases but the following are the main types of companies Limited Liability Companies Unlimited Liability Companies Private Companies Public Companies Incorporated Companies Unincorporated Companies
Joint Stock company A Joint Stock company is formed to gain profits by a group of people under the act in which capital is not transferable and the shareholders carry limited liabilities. Any individual can file a case against a company and vice-versa. A company carries an under which it runs; its business and its …
