Business Organisation is an entity formed for the purpose of carrying on commercial enterprise that describes how businesses are structured and how to produce goods or services and meet needs of the customers. The Business Organisation aims to focus on either generating profit (for profit organisation) or improving society (not for profit). There are 3 main types of business organisation: Individual Proprietorships (owned and run by one person), Partnership (owned and run by two or more individuals – general or limited), Corporation or Limited Liability Company (LLC) (owners’ liability is distributed to the shareholders as dividends).
Related Definitions in the Project: The Business Organisation; Project Management
