Virtual Organization – Report
There are various businesses that exist today. According to historical accounts, our ancestor started the trade through different manual processes – going to a certain place through vehicles or sending letters of proposal, recommendations, and others through mailman. This is how business works in the past – hard work in literal method. However, business today is more on technological creativity. Business owners provide different machines so that process of transfer would not be hard. Nevertheless, these aspects always depend on the type of businesses.
This paper will tackle the five businesses along with their types. To apply the types of business that they are into, this paper will discuss the companies’ preferences. From these, the importance of the paper is to discuss why the Riordan Manufacturing, Huffman Trucking, Kudler Fine Foods, McBride Financial Services, and the Elias Group were designated into the business types that apply to them.Body
Riordan Manufacturing is a corporation. According to definition, “a corporation is a legal entity that has similar legal rights as a person.” this is what Riordan Manufacturing is all about. This company is entitled to its own legal rights. Like its employees and staff, Riordan Manufacturing has its own safety and security with the help of legal assistance and functionalities. It is also important to understand the expansion of this company as it becomes a corporation.
Riordan Manufacturing as a corporation is also entitled with different responsibilities and obligation within their customers as well as the whole company. Their security and rights were utilized in a generalized manner to accommodate all the needs of all the people that are part of the company especially the customers.
Huffman Trucking, Kudler Fine Foods, and The Elias Group are examples of sole proprietorship. According to definition, “A sole proprietorship is a business which is legally the same as its natural person owner.” It means that the business is attached to the owner like the name of business. It is smaller than Riordan Manufacturing as a corporation because it is a single proprietorship.
It caters smaller companies and fewer people rather than the corporation. In sole proprietorship, the owner is the handler of the whole business while in corporation, different owners owned the company. The owner in sole proprietorship businesses personally holds their business into a radical way because this is a small business to maintain and propagate.
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The McBride Financial Services is a Limited Liability Company (LLC). According to definition, “A limited liability company (LLC) is a legal entity that has a partnership structure, but limited liability such as that granted to corporations.” McBride Financial Services can be said as an example of LLC because its demand and procedures are limited to either corporations or small businesses. Another thing is that this company has limited resources for their customers. They have no other resources to sell but only as a financial assistance. It means that they are limited to one account and that is lender of finance needs.
Smith Consulting System is a Partnership. According to definition, “A partnership is a business entity in which partners share the profits or losses of the business in which they have invested.” This business was emerged through a partnership of Blair and Smith. Literally speaking, it can be seen as partnership because there is a partnership involved in putting up the business. However, aside from this factor, this can be said as partnership because partners shared the gains and losses of the business in whatever circumstances. It shows that they share all the things that went in and out of the company in whatever situation and occurrence. This is what happened to Smith Consulting System. Even if Smith had the name on it, Blair has its share and should not be taken for granted in any way.
In conclusion to this, we have seen that the five businesses are categorized into the types of business that applies to them. It can be determined through the composition of the company, the capability of the business to cater their products, and the owners of the businesses. It means that there are several factors to consider in analyzing and discussing the types of business that these industries were into. It has been seen that the preferences of the companies are important to determine the type of business. Therefore, establishing the business type of a certain industry needs to include the internal factors so that we could able to recognize what companies are putted into the types of business that we have discussed.
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