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The primary objective of management of every business enterprise is to provide salable gods and services in the market. They should be (i) reliable, (ii) competitive, (iii) standard quality, (iv) reasonably priced, (v) insufficient quantity and (vi) produced under ultramodern techniques.
Secondary objectives assist the achievement of primary objectives. They make aware of the targets fixed for increasing efficiency and economy in the work performance. Targets like analysis, consultation and definition etc. are the examples of secondary objectives. The contribution of secondary objectives is indirect in the sense that they assist the efforts conducted for achieving primary objectives. The nature of secondary objectives like primary objectives is impersonal.
Personal objectives are personal and individual objectives of the members of an organization. Personal objectives are under economic objectives or monetary remuneration or physical needs fulfillment objectives or psychological objectives meant for achieving required prestige, respect, recognition or non-financial rewards. A person tries to achieve personal objectives while working in an organization. The self-sufficiency of the motivations and incentives provided by an organization is quite difficult.
Social objectives mean the social responsibilities of an organization towards the society. The management owes a social responsibility. “Better utilization of factors of production to full satisfaction of the society and higher rate of return with maximum social gain”, are being demanded by the management of today. If these are realized, social recognition will automatically come to the management. It is the social responsibility of the management to satisfy not only present needs of the society but also take due care for future generation while managing the production activities. A business enterprise in a integral part of the society. Hence, the management should fix its targets, keeping in view the service towards society, failing to do so, the very existence of business enterprise shall be in danger
These are the basic forms of business ownership:
1. Sole Proprietorship
A sole proprietorship is a business owned by only one person. It is easy to set-up and is the least costly among all forms of ownership.
The owner faces unlimited liability; meaning, the creditors of the business may go after the personal assets of the owner if the business cannot pay them.The sole proprietorship form is usually adopted by small business entities.
A partnership is a business owned by two or more persons who contribute resources into the entity. The partners divide the profits of the business among themselves. In general partnerships, all partners have unlimited liability. In limited partnerships, creditors cannot go after the personal assets of the limited partners.
A corporation is a business organization that has a separate legal personality from its owners. Ownership in a stock corporation is represented by shares of stock.
The owners (stockholders) enjoy limited liability but have limited involvement in the company's operations. The board of directors, an elected group from the stockholders, controls the activities of the corporation. In addition to those basic forms of business ownership, these are some other types of organizations that are common today:
Limited Liability Company
Limited liability companies (LLCs) in the USA, are hybrid forms of business that have characteristics of both a corporation and a partnership. An LLC is not incorporated; hence, it is not considered a corporation.
Nonetheless, the owners enjoy limited liability like in a corporation. An LLC may elect to be taxed as a sole proprietorship, a partnership, or a corporation.
A cooperative is a business organization owned by a group of individuals and is operated for their mutual benefit. The persons making up the group are called members. Cooperatives may be incorporated or unincorporated.
Some examples of cooperatives are: water and electricity (utility) cooperatives, cooperative banking, credit unions, and housing cooperatives.
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