1. TECHNICAL ENGLISH APPLIED TO BUSINESS ADMINISTRATION. Student: Yelitza Sonia Yareniss Cruz Alvarenga. TBNP987521 Topic: Company structures. Professor: Antonio de Jesús Trejo Portillo.
2. Sole proprietorship
2.1. A sole proprietorship is an unincorporated business that is owned by one individual with no legal distinction between the business and owner. In this form of business, the owner and the business are taken as one and the same person. It is also sometimes referred to as a “sole trader”, “individual entrepreneurship”, or “proprietorship.”
2.1.1. Characteristics of a Sole Proprietorship
2.1.2. -It is a simple form of business and requires less time, money, and energy: It is usually easy to set up since there are no registration formalities involved. This form of business may be ideal for those who want to set up a small enterprise on their own quickly.
2.1.3. -The tax forms and registration forms required are minimal in comparison to other forms of business: The establishment of a sole proprietorship is generally less complicated compared to other business structures.
3. Corporate structure
3.1. Corporate structure refers to the organization of different departments or business units within a company. Depending on a company’s goals and the industry in which it operates, corporate structure can differ significantly between companies. Each of the departments usually performs a specialized function while constantly collaborating with each other to achieve corporate goals and values.
3.1.1. The roles in a Corporation
3.1.1.1. Characteristics of a Corporate Structure
3.1.1.2. -This type of structure will allow each employee to focus on each of their job roles, it is also encourages specialization.
3.1.1.3. -Division of labor: The numerous tasks of the organization are divided into specialized jobs.
3.1.1.4. -It is designed based on a real and achievable objective and, at the same time, adapted to the technologies and tools that the organization possesses.
3.1.1.5. -Work more efficiently
3.1.2. Shareholders: The shareholders are the owners of the business.
3.1.3. Board of directors: The board is responsible for the overall management of the corporation.
3.1.4. Officers: Officers handle the day-to-day affairs of the business.
3.1.5. Employees: All others who work for the business are employees. Corporations are not required to have employees (though they must have shareholders, officers, and directors).
4. Partnership agreement
4.1. The Partnership Agreement lays out the responsibilities of each partner in the business, how much of the business each partner owns, and how much profit and loss each partner is responsible for. It also includes rules about how you’ll manage the business and addresses potential scenarios that could affect the business, such as death of a partner or how a partner can leave the company.
4.1.1. Characteristics of a Partnership Contract
4.1.2. -The contract is signed in writing, with the agreements and percentages of participation in the business.
4.1.3. -A minimum of two people are required.
4.1.4. -The person in charge and representative of the business will always be the associate.
4.1.5. -Profits and losses are distributed as agreed.