Business Environment and Law- Forms of Organization-Introduction, Characteristics, and Forms of Business Organization

Introduction (Forms of Organization): To understand forms of the organization first we have to understand business activities. Business activities basically consist of industrial and commercial activities. Industrial activities mean manufacturing of various products and commercial activities means trading of goods or providing services. Different types of business organizations undertake these activities. They can also be called Business Undertakings, enterprises, concern or firms.

Characteristics analysis can give us a better understanding of a business organization:

Distinct Ownership: Ownership refers to the right on an individual or group of individual to acquire legal assets or properties for the purpose of running a business. A business firm may be owned by an individual as well as group of individuals jointly.
Lawful Business: Every Business enterprises must undertake which is lawful that is business must not involve illegal activities.

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