preview

Business Organization And Business Organizations

Good Essays

Business organization is a group of people who are organized for some charitable or profitable purpose. Business entity is a corporate, commercial or other institution which is formed or administered according to the commercial law so as to engage in business activities which is generally selling of any product or service. In accounting business organization and owners both are separate or distinct from each other. This means that the personal transactions of owner are separately treated from business. In legal system there are various forms of business organizations and they are corporations, cooperatives, sole traders or sole proprietorship, partnership and Limited Liability Company. All vary from each other on the basis of level of control but follows the same principle of separation.
Business entities are just like individuals and are subject to taxation and are supposed to file a return but there are some entities which are exempt from federal income tax and they are non-profit charities, Partnership and S corporation.
A restaurant is a place where people feel relaxed and prefer in times of happiness. People generally celebrate their birthdays, anniversary, victory with others and for that restaurant is the best option because many people can gather their and the waiter will take and serve the order. They will get well cooked food and don’t have to cook by themselves which is a tough job. So I am planning to start a new restaurant where specific types of food will be

Get Access