What is a Definition? It is a statement of the meaning of a term (a word, phrase, or other set of symbols). As well as, Descriptions can classify into two large categories, intentional purposes (which try to give the essence of a term) and extensional purposes (which proceed by listing the objects that a term describes).
Another important category of definitions is the class of ostensive illustrations, which convey the meaning of a term by pointing out examples. Also, A term may have many different senses and multiple meanings and thus require multiple reports.
A statement of the meaning of a word or word group or a sign or symbol dictionary definitions. The statement expresses the essential nature of something, a product of defining.
The action or process of stating the meaning of a word or word group.
Project Management Essay: It is the practice of initiating, planning, executing, controlling, and closing a team’s work to achieve specific goals and to meet specific success criteria at specific times. A project is a temporary effort to bring a particularly beneficial change. This is to define a specific product, service, or result to meet unique goals, objectives, and objectives or the added value of the project is the opposite of the business as a general (or operation). Which is the product, Who does or repeated to produce services, permanent or semi-permanent functional activities? Also, in practice, the management of specific production approaches requires the development of specific technical skills and management strategies. Also learn Disk Management: Definition, Project Management Definition.
What is the essay on Project Management? with their Meaning and Definition.
What is a Project? A project is a temporary undertaking that exists to produce a defined result. Each project will agree and with its unique objectives, its own project planning, budget, time-limits, deliverables, and work. Also, in a project, people of different teams can include within an organization. Which are brought together to fulfill specific goals?
Meaning of Project Management:
Project management can define as the discipline of implementing, planning, executing, and managing specific processes and principles. That new initiatives or changes are being implemented within an organization. Project management is similar to normal activity for the management of the business. This is a continuous process, as it is to create new work packages to end with the consent or to achieve the goal.
As well as, The primary challenge of project management is to achieve all project goals within the given obstacles. This information is usually describing in the project documentation. Which is designing at the beginning of the development process. Also, Primary hurdles are scope, time, quality, and budget are the secondary and more ambitious challenge, to optimize the allocation of necessary inputs and implement them to meet pre-defined objectives. The purpose of the project management is to create a complete project which is in line with the client’s objectives. Also, in many cases, the purpose of project management to address the purpose of customer management is to either size or improve the short form of the client.
Essay on Project Management with Meaning and Definition; Image from Pixabay.
Definition of Project Management:
Project Management is the craft of dealing with all the parts of a project from commencement to conclusion utilizing a logical and organized approach. The term project might be utilized to characterize any undertaking that is impermanent in nature and with a start or an end. The project must make something exceptional whether it is an item, administration, or result, and should be dynamically explained. As the definition suggests, only one out of every odd assignment can view as a project. It is beneficial to remember this definition when arranging projects and examining their part in the accomplishment of the association. With the above meaning of the project, one gets away from what a project is.
Program Management characterizes as an office that concentrates the management of projects. This means the PMO or the Project Management Office is a vault of the apparent multitude of projects that execute in an association. Also, Program Management serves the CIO (Chief Information Officer) by furnishing the person in question with customary announcements in regards to the advancement of the apparent multitude of projects in the organization.
Project Manager:
The Project Manager’s job is to guarantee that the general destinations of the project accomplished with the cooperation of every individual part. The project administrator resembles the Prima Donna and their keenness relies upon how well the person in question can use the qualities of the individual individuals while limiting the effect of their shortcomings. Program chiefs take a similar view however at a lot more elevated level. Their activity is on the general main concern for the division or the organization; and, they drive the individual project supervisors. This is like that of a pyramid where the CIO or the program director sits on the peak; and, the project chief at the following level, the project leads further down, etc.
Property management Definition, Operating and managing of real estate, control, and inspection, which is used in its broadest terms. Management demonstrates the need to provide care, monitoring, and responsibility for its useful life and position. This is similar to the role of management in any business. Also learn, the Definition of Disk Management, Property Management!
Here is the article to Explain and Discuss, What is the Definition of Property Management?
The term used by real estate agents when they manage the leasing, maintaining, and advertising for a particular house or business. It can include finding tenants, collecting rent monies, and looking after maintenance such as gardening and small repairs. Real estate fragments can take place in the property– management, demand for tenants, the collection of monthly rent payments, retaining assets, and maintenance of the base.
All day-to-day activities are available to maintain and maintain the property The process of management. An apartment complex is controlled by some type of property management company. Property-management is also the management of private property, equipment, tooling, and physical capital assets. Which are using to create, repair, and maintain end items deliverable. Property–management involves the processes, systems, and manpower needed to manage. The life cycle of all acquiring property, including acquisition, control, accountability, responsibility, maintenance, use, and nature. Also, learn about Waste Management.
What is Property? Explain and Discuss.
Property that jointly belongs to more than one party may possess or control thereby in very similar or very distinct ways. Whether simply or complexly, whether equally or unequally. However, there is an expectation that each party’s will about the property clearly define and unconditional. To distinguish ownership and easement from rent. The parties might expect their wills to be unanimous, or alternately every given one of them. When no opportunity for or the possibility of the dispute with any other of them exists, may expect his, her, it’s or their own will to be sufficient and absolute.
Types of Property:
Most legal systems distinguish between different types of property, especially between land (immovable property, an estate in land, real estate, real property) and all other forms of property—goods and chattels, movable property, or personal property, including the value of legal tender if not the legal tender itself, as the manufacturer rather than the possessor might be the owner. They often distinguish between tangible and intangible property. One categorization scheme specifies three species of property: land, improvements (immovable man-made things), and personal property (movable man-made things).
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An umbrella term disk-management is a Microsoft Windows utility for starting a hard disk, maintaining. Its health and managing its organization. Which was introducing as a replacement for the first FDISK command in Windows XP Was there. This allows users to install disk drives on their computers and view and manage the associating partitions of those drives. As seen in the picture below, each drive is displayed by layout, type, file system, position, capacity, free space, free of charge and fault tolerance. Also learn, Management, Disk Management Definition!
Disk–Management is an extension of the Microsoft Management Console. That allows full management of the disk-based hardware recognizes by Windows.
Disk–Management is using to manage the drives installed on a computer – like hard disk drives (internal and external), optical disk drives, and flash drives. It can use to partition drives, format drives, assign drive letters, and much more.
Also, Know about Disk Management!
The Disk Management tool has a graphical interface like a regular program and is similar in function to the command line utility disk part, which was a replacement of an earlier utility called FDISK.
You can also use Disk–Management to check free hard drive space. You can see the total storage capacity of all the disks. As well as, how much free space is remaining, which is expressing in units (i.e. MB and GB) as well as a percentage.
Disk–Management is where you can create and attach virtual hard disk files in Windows 10 and Windows 8. These are single files that act as hard drives. Which means you can store them on your main hard drive or in other places like external hard drives.
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Explaining, What is Partnership? and learn, How Does it work in Business?
A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may only govern by a contract. Also learn, What are the Features of Sole Proprietorship? Partnership: How Does it work in Business?
History!
Partnerships have a long history, they were already in use in Medieval times in Europe and in the Middle East. In Europe, the partners contributed to the Commercial Revolution which started in the 13th century. In the 15th, century the cities member of the Hanseatic League would mutually strengthen each other; a ship from Hamburg to Danzig, would not only carry its own cargo but was also commissioned to transport freight for other members of the league. This practice not only saved time and money; but also constituted the first step toward partners. This capacity to join forces in reciprocal services became a distinctive feature, and a long-lasting success factor, of the Hanseatic team spirit.
Meaning!
A partnership is a formal arrangement in which two or more parties cooperate to manage and operate a business. Various partnership arrangements are possible: all partners might share liabilities and profits equally, or some partners may have limited liability. Not every partner is necessarily involving in the management and day-to-day operations of the venture. Such as in the case of a “silent partner.” In some jurisdictions, partners enjoy favorable tax treatment relative to corporations.
Definition!
“A type of business organization in which two or more individuals pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement. In absence of such agreement, a partnership is assumed to exit where the participants in an enterprise agree to share the associated risks and rewards proportionately”.
How does it work in Business?
Business-partners is similar to a personal-partners. Both business and personal involve:
Pooling money toward a common purpose.
Sharing individual skills and resources, and.
Sharing in the good and bad times.
A business-partners is a specific kind of legal relationship form by the agreement between two or more individuals to carry on a business as co-owners. Also, A business with multiple owners, each of whom has invested in the business. Some partners include individuals who work in the business. While other partnerships may include partners. Who has limit participation and also limited liability for the debts and lawsuits against the business?
As different from a corporation, is not a separate entity from the individual owners. The partner’s income tax is paid by the partners, but the profits and losses are divided among the partners, and paid by the partners, based on their agreement. As well as, a sole proprietorship, is a pass-through business, meaning that the profits and losses of the business pass through to the owners. Also learn, What is Leadership?
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Reference!
1. Meaning – //www.investopedia.com/terms/p/partnership.asp
Sole proprietorship highlights or characteristics or Features; It refers to a business organization in which enterprises are controlled or owned by a single person. The sole proprietorship is the oldest form of business enterprise in India. It is the simplest form of business and all the risks or losses are bearer by a single person. Also, if he wants any help they can get it from their friends, family, or relatives. It doesn’t require any legal recognition or formalities and the simplest way to open a business. Also learn, Sole Proprietorship: the Advantages and Disadvantages!
Explaining, What are the highlights or characteristics or Features of Sole Proprietorship?
Also, A sole proprietorship is a business owned by a single individual. This sole owner is responsible for the entire business and is the sole recipient of the business’s earnings. Unlike other legal structures, the sole proprietorship requires less paperwork and is subject to few business restrictions and regulations.
15 best Features of Sole Proprietorship:
The main highlights or characteristics or features of the sole proprietorship form of business can list as follows:
One Man Ownership:
In the proprietorship, only one man is the owner of the enterprise.
No Separate Business Entity:
No distinction is made between the business concern and the proprietor. Both are the same.
No Separation between Ownership and Management:
In the proprietorship, management rests with the proprietor himself/herself. The proprietor is a manager also.
Unlimited Liability:
Unlimited liability means that in case the enterprise incurs losses, the private property of the proprietor can also utilize for meeting the business obligations to outside parties. As there is no division between the business and the business person, accordingly the individual risk of the entrepreneur is boundless. If the business can’t pay its obligations and liabilities, at that point, the entrepreneur is responsible for the equivalent and pay them. For example, the proprietor needs to pay the forthcoming sum either by selling their resources or property, a house, care, and others.
All Profits or Losses to the Proprietor:
Being the sole owner of the enterprise, the proprietor enjoys all the profits earned and bears the full brunt of all losses incurred by the enterprise.
A Less-Formalities:
A proprietorship business can start without completing many legal formalities. Some businesses too can start simply after obtaining the necessary manufacturing license and permits.
Personal Organization or Common Identity:
A sole traders’ concern has no separate legal entity independent of the owner. The owner and the business concern are the same. The owner owns everything the business owns and he owes everything the business owns.
Capital:
In the sole traders, the capital is employing by the owner himself from his personal resources. He may also borrow money from his friends and relatives if he cannot depend solely on his personal resources.
Profits and Losses:
The surplus arising in the business of the sole trader entirely belongs to him and similarly, all the business losses and risks are to be borne by him alone.
No Special Legislation:
Sole traders are not governing by any special legislation. A partnership firm is governing by the Partnership Act, a joint-stock company is governing by the Companies Act, and a co-operative society by the Co-operative Societies Act. Any person who is competent to contract can start his business as a sole trader. However, he is subject to the common law, the law of contract, and the law of insolvency.
The concept of Unlimited Liability. As well as, the liability of a shareholder or member of a company or a co-operative society limits to the extent of the face value of the shares held by him. Forexample, if Mr. X subscribes to 100 shares of Rs. 10 each, his total liability is unto Rs. 1,000 only. If he has already paid Rs.5 per share, his liability will restrict to the unpaid portion of his shares, i.e., Rs. 500 only. Thus, there is a limit to the extent of liability of the shareholder of a company.
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No Legal Formalities:
There is no different law-related with a sole proprietorship to oversee it and accordingly, there is no presence of any arrangement of extraordinary standards just as guidelines to follow. Also, best of all, it doesn’t require either any enrollment or consolidation of any sort. Much of the time, we require just the permit to fire up the ideal business. Like that of the beginning, there are no legitimate tasks joined to the end methods. Along these lines, it gives effortlessness to start a business and do it with less issue.
Danger and Profit:
The proprietor of this business is the danger carrier in a sole exclusive. Since the business person is the main individual who put resources into the business monetarily, so all dangers have a place with him in particular. Regardless of whether the business fizzles or develops, the proprietor is the individual who gets influenced by the equivalent. Actually, he additionally appreciates all benefits acquired from the business. There is no compelling reason to separate and offer benefits with partners as there is no presence. Consequently, he bears all dangers and acquires benefits as well.
No different legitimate character:
In legitimate terms, the business and the proprietor are not treated independently as both are the one and same thing. No different legitimate element has a place with a sole owner and the proprietor is entirely and solely answerable for all business exercises and exchanges.
Progression:
As we as a whole realize that the business and the proprietor have a similar character. In this way, a sole proprietorship has altogether depended on the entrepreneur. A few variables influence a sole proprietorship, for example, retirement, craziness, demise, and detainment. In such a circumstance, the sole proprietorship puts to an end.
Control:
As all the business activities and duties lie with the sole owner, so he controls all the business solely. No other individual can participate in business exercises and the proprietor can alter or grow the business according to their solace and plans.
These are altogether highlights or characteristics or features of a sole proprietorship that will clarify what precisely the business structure and how it runs. Let us take a look at the upsides of selecting a sole proprietorship that we will write down underneath.
Sole Proprietorship Disadvantages and Limitations; A sole proprietorship is the simplest and most common legal structure someone can choose. It’s an unincorporated business owned and run by one individual in which there is no distinction between the business and the owner. If you own a sole proprietorship, you are entitled to all profits and are responsible for all your business’s debts, losses, and liabilities. Also learn, How to Explain, What is Sole Proprietorship?
Learn and Study, What are the Limitations or Disadvantages of Sole Proprietorship? Explaining are, Easy Point, Trade, Multipoint!
In other words, the owner remains personally liable for any losses or debts that the sole proprietorship incurs. They can also, held legally responsible for violations committed by the business or its employees. A sole proprietorship can best sum up by the phrase, “You are the business”. Also learned, What are the Advantages of Sole Proprietorship?
Easy of the Limitations or Disadvantages of Sole Proprietorships:
Forming a sole proprietorship does involve some risks, mainly to the owner of the business, as legally speaking they are not treating separately from the business. Some limitations or disadvantages of sole proprietorships are:
Liability:
The business owner will hold directly responsible for any losses, debts, or violations coming from the business. For example, if the business must pay any debts, these will satisfy the owner’s own personal funds. The owner could sue for any unlawful acts committed by the employees. This is drastically different from corporations, wherein the members enjoy limited liability (i.e., they cannot hold liable for losses or violations)
Taxes:
While there are many tax benefits to sole proprietorships, the main drawback is that the owner must pay self-employment taxes. Also, some tax benefits may not be deductible, such as health insurance premiums for employees
Lack of “continuity”:
The business does not continue if the owner becomes decreasing or incapacitating since they are treating the same. Upon the owner’s death, the business is liquidating and becomes part of the owner’s personal estate, to distribute to beneficiaries. This can result in heavy tax consequences on beneficiaries due to inheritance taxes and estate taxes
Difficulty in raising capital:
Since the initial funds are usually providing by the owner, it can be difficult to generate capital. Sole proprietorships do not issue stocks or other money-generating investments like corporations do
So, while sole proprietorships do not necessarily create more liabilities, they do expose the business owner to a risk of being sue. Lawsuits can file against the business owner for legal violations, as well as to collect any outstanding debts.
Business; Proprietorship form of ownership suffers from some disadvantages or limitations also.
The important ones are:
1. Limited Resources:
A proprietor has limited resources at his/her command. The proprietor mainly relies on his/her funds and savings and, to a limited extent, borrowings from relatives and friends. Thus, the scope for raising funds is highly limited in proprietorship. This, in turn, deters the expansion and development of an enterprise.
2. Limited Ability:
The proprietorship is characterized as the one-man show. One man may be an expert in one or two areas, but not in all areas like production, finance, marketing, personnel, etc. Then, due to the lack of adequate and relevant knowledge, the decisions take him imbalanced.
3. Unlimited Liability:
The proprietorship is characterized by unlimited liability also. It means that in case of loss, the private property of the proprietor will also use to clear the business obligations. Hence, the proprietor avoids taking the risk.
4. Limited Life of Enterprise Form:
The life of a proprietary enterprise depends solely upon the life of the proprietor. When he dies or becomes insolvent or insane or permanently incapacitated, there is every likelihood of closure of enterprise. Say, the enterprise also dies with its proprietor. The Steps of Manpower Planning with Features!
Disadvantages of sole trading include that:
You have unlimited liability for debts as there’s no legal distinction between private and business assets.
Your capacity to raise capital is limited.
All the responsibility for making day-to-day business decisions is yours.
Retaining high-caliber employees can be difficult.
It can be hard to take holidays.
You’re tax as a single person, and.
The life of the business is limited.
7 best Limitations or Disadvantages of Sole Proprietorship:
The following limitations and disadvantages below are;
(i) Limited Resources:
The resources of a sole proprietor are limited. He makes investments from his family source only. There is a limit to which a single person can invest. He tries to raise finances from financial institutions also. These institutions want securities for their loans. The sole trader cannot offer much security, so he does not get much help from financial institutions. The capacity for expanding business operations is limited for want of resources, even when there is a scope for expansion. Other forms of ownership are better than the sole proprietor for raising financial resources.
(ii) Limited Managerial Ability:
One person may not be an expert in every function of the business. He will not be able to devote sufficient time to all types of activities. He will have to depend on paid employees. The employees may not take as much interest as the owner himself can take. What is the Process of Manpower Planning?
The managing capacity of the proprietor is limited. In the present competitive world, the complexities of managerial jobs are increasing every day. The sole proprietor may not be able to use the services of experts for want of resources. So one person will not be able to survive effectively. On the other hand, his limited resources will not allow him to use the services of professional people. Limited managerial capacity will hinder the growth of the business.
(iii) Unlimited Liability:
The liability of a sole proprietor is limited. His private property can also assign to meeting business obligations. A loss of business may deprive him of his private assets also. Unlimited liability also restricts his work. He tries to be cautious in taking the risk. It acts as a detriment to the growth of business activities.
(iv) Uncertain Continuity:
The business continues as far as the sole proprietor is there. In case of his mobility or death, the business is discontinuing. The successors of the sole proprietor may not have an aptitude or ability to continue in the business. The closure of a business will cause inconvenience to the consumers. It will also result in social loss.
(v) Limited Scope for Employees:
A sole trader cannot attract trained and qualified persons for reasons of limited career opportunities. Moreover, the continuity of sole trade business being uncertain the employees also remain under psychological pressure. A sole proprietor cannot offer financial incentives to employees because his activities are on a small scale. The employees will try to join good concerns whenever an opportunity arises.
(vi) No Large-Scale Economies:
A small-scale concern cannot economize in the purchase, production, and marketing. A large-scale enterprise will be able to have favorable terms for purchasing and selling of goods. In a sole trade concern, overhead expenses are also more. So this type of concern cannot enjoy the benefits of large-scale economies.
(vii) More Risk Involved:
A sole proprietor is to take all decisions by himself. So there is a possibility of taking wrong decisions. In other forms of organization, the decisions are taking by more than one person. So the possibility of mistakes and wrong decisions is minimizing. Lack of counseling may create difficult situations.
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Reference!
1. Easy and business Points – //www.legalmatch.com/law-library/article/advantages-and-disadvantages-of-sole-proprietorships.html and //www.yourarticlelibrary.com/sole-proprietorship/sole-proprietorship-features-advantages-and-disadvantages/40806
Sole Proprietorship Advantages; Proprietorship (also called sole trade organization) is the oldest form of business ownership in India. In a proprietorship, the enterprise is owned and controlled by one person. He is the master of his show, he shows, reaps, and harvests the output of this effort, he manages the business on his own. If necessary, he may take the help of his family members, relatives, and employ some employees. Also learn, How to Explain, What is Sole Proprietorship?
Learn and Study, What are the Advantages of Sole Proprietorship? Explaining are, Easy Point, Trade, Multipoint!
The sole proprietorship is the simplest and easiest to form. It does not require legal recognition and attendant formalities. This form is the most popular in India due to the distinct advantages it offers. William R. Basset opines that “The one-man control is the best in the world if that man is big enough to manage everything”. Also learned, Corporate Entrepreneurship Categories, and Organizational Thinking.
Some of the Easy Advantages of Sole Proprietorship:
There are many reasons why a person would choose to start their business up using a sole proprietorship structure. Some of the main advantages of sole proprietorships include:
Ease of formation:
Starting a sole proprietorship is much less complicated than starting a formal corporation, and also much cheaper. Some states allow sole proprietorships to form without the double taxation standards applicable to most corporations. As well as, the proprietorship can name after the owner, or a fictitious name can be used to enhance the business’ marketing.
Tax breaks:
The proprietor of a sole proprietorship isn’t needed to record a different business charge report. All things considered, they will list business data and figures on their individual assessment form. This can spare extra expenses on bookkeeping and assessment recording. As well as, the business will charge at the rates apply to individual pay, not corporate assessment rates.
Employment:
Sole proprietorships can enlist representatives. This can prompt a considerable lot of the advantages related to work creation, for example, tax cuts. Likewise, companions of the entrepreneur can utilize without being officially proclaimed as a worker. Hitched couples can likewise begin a sole proprietorship, however, the obligation can just accept by one person.
Decision making:
Authority over all business choices stays in the possession of the proprietor. Also, the proprietor can likewise completely move the sole proprietorship whenever as they esteem important.
Some Advantages that proprietorship form of business offers are as follows;
1. Simple Form of Organization:
The proprietorship is the simplest form of organization. The entrepreneur can start his/her enterprise after obtaining licenses and permits. There is no need to go through the legal formalities. For starting a small enterprise, no formal registration is statutorily needed.
2. Owner’s Freedom to Make Decisions:
The owner, i.e. the proprietor is free to make all decisions and reap all the fruits of his labor. There is no other person who can interfere or weigh him down. Why is Intrapreneurship Better than Entrepreneurship?
3. High Secrecy:
Secrecy is another major advantage offered by proprietorship. This is because the whole business is handled by the proprietor himself and, as such, the business secrets are known to him only.
Added to it, the proprietor is not bound to reveal or publish his accounts. In the present-day business atmosphere, the less a competitor knows about one’s business, the better off one is. What the competitors can make is guesstimates only.
4. Tax Advantage:
As compared to other forms of ownership, the proprietorship form of ownership enjoys certain tax advantages. For example, a proprietor’s income is taxed only once while corporate income is, at occasions taxed twice, say, double taxation.
5. Easy Dissolution:
In the proprietorship business, the entrepreneur is all in all. As there are no co-owners or partners, therefore, there is no scope for the difference of opinion in the case the proprietor/entrepreneur-wants to dissolve the business. It is due to the easy formation and dissolution, the proprietorship is often used to test the business ideas.
Advantages of sole trading include that:
You’re the boss.
You keep all the profits.
Start-up costs are low.
You have maximum privacy.
Establishing and operating your business is simple.
It’s easy to change your legal structure later if circumstances change, and.
14 best Multipoint Advantages of Sole Proprietorship:
The following multipoint advantages below are step by step;
(i) Easy in Formation:
The sole proprietorship is the only form of organization where no legal formalities are requiring to perform. Also, Anybody wishing to start a sole trade concern can do so without loss of time. This business is absolutely free from legal formalities. On the other hand, if a joint-stock company is to form it needs the services of experts to get it incorporate, and it involves a lot of labor and money.
(ii) Better Control:
In this form of organization one man is responsible for all types of activities. He controls all functions of the business. He himself takes decisions at the appropriate time. The authority and responsibility lie with one man. He cannot afford to be complacent in taking decisions. If the responsibility is divided, then there can a possibility of shifting obligation to other persons (Everybody’s responsibility becomes nobody’s responsibility). Insole trade business, there is no such difficulty. As well as, the owner is all in all and he cannot escape his work. The business is controlled effectively.
(iii) Flexibility in operations:
A sole proprietorship concern is generally run on a small scale basis. In case a change in operation is requiring, it can be possible without involving much expenditure. Even if a new line of products is to take up, it will not involve many efforts. On the other hand, if the operations are on a large scale, then it becomes difficult to change the method of production.
A small-scale concern can adjust its production according to the changing demand pattern. It can increase and decrease its products as per requirements. Moreover, no legal formalities are requiring for making changes in operations. As well as, a joint-stock company cannot go beyond its objective clause. Because of being flexible in operations, a sole trade concern is most suitable for industries dealing with fashionable and seasonal goods.
(iv) Retention of Business Secrets:
A sole trader maintains business secrets. Being the sole proprietor, he is not expected to share his trade secret with anybody else. As well as, He is not expected to publish his accounts. He can maintain secrecy from his competitors. Secrecy is very important for small-scale concerns.
(v) Easy to Raise Finance:
An individual entrepreneur can create goodwill for his business. This helps him to establish his creditworthiness in the market. Secondly, the liability in a sole trade organization being unlimited, the creditors can have a claim over the private property of the owner. As well as, the creditors feel secure in extending credit to individual proprietors. Moreover, they try to repay the loans as quickly as possible so that they do not lose goodwill in the market. Once a sole trader loses his creditworthiness, he will not be able to get much help from the market.
(vi) Direct Motivation:
The proprietor takes a keen interest in the working of the business. He tries to put heart and soul into the business to earn as many profits as he can. There is a direct relationship between efforts and rewards. In other forms of organization, the profits are shared by more than one person. So everybody may not put in his best efforts.
(vii) Promptness in Decision Making:
All important decisions are taking by one person. He can take prompt decisions. He will not let an opportunity slip away. If more than one person is involving in decision making then delay is bound to occur.
(viii) Direct Accessibility to Consumers:
In insole proprietorship the scale of operations is small. The owner can have direct contact with customers and employees. He can know the relations and preferences of consumers. It enables him to make necessary changes in the quality and design of his products. It will help him to boost his sales. He can also emphasize consumer service.
(ix) Inexpensive Management:
The sole trader is the owner, manager, and controller of the business. He does not appoint specialists for various functions, he personally supervises various activities and can avoid wastage in the business, he does not create managerial paraphernalia. In this way, managerial costs are saving to a large extent.
(x) No Legal Restrictions:
There are no legal requirements for starting a business. No special acts are governing the work of a sole proprietor. As well as, the proprietor is not requiring to submit the results of his business to any authority. There is no restriction in changing the nature of the business. Even the dissolution of the business can easily undertake. The tax liability on a sole trader is also low. He is a tax as an individual and not as a business unit.
(xi) Socially Desirable:
One man business is generally on a small scale basis. Large numbers of sole traders have entered all types of business. It helps in avoiding the concentration of wealth. Large-scale business leads to wealth accumulation in a few hands. Also, the Sole trader business provides competition for other businesses. The consumers will not be dependent upon big business houses. So, the sole trade business is socially desirable.
(xii) Self-Employment:
The sole proprietorship form of organization offers the means of self-employment to those who do not want to serve others. As everyone cannot get a suitable job to earn his livelihood in a developing country, the individuals can easily start a small-sized business unit as a sole trader.
(xiii) Healthy Relations with Employees:
A sole trader is in a position to maintain direct relations with his employees. This enables the employer and the employees to understand and appreciate the difficulties of each other. Moreover, a sole trader can quickly solve the grievances of his employees. This results in healthy relations between employers and employees which is of vital importance to the success of the business.
(xiv) The benefit of Inherited Goodwill:
A sole trader passes on the business goodwill to his successor. Technically a sole trade business is dissolving on the death of the owner but in reality, the same business is continuing by an heir. Also, the goodwill which one person earns during his lifetime is passing on to those who continue that business.
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Reference!
1. Easy and business Points – //www.legalmatch.com/law-library/article/advantages-and-disadvantages-of-sole-proprietorships.html and //www.yourarticlelibrary.com/sole-proprietorship/sole-proprietorship-features-advantages-and-disadvantages/40806 2. Trade Points – //www.business.tas.gov.au/starting-a-business/choosing-a-business-structure-intro/sole-proprietorship-advantages-and-disadvantages 3. Main/Multipoint – //www.yourarticlelibrary.com/business/advantages-and-disadvantages-of-sole-proprietorship/42037
A sole proprietorship (In Hindi), also known as the sole trader or simply a proprietorship, is a type of enterprise. That is owned and run by one natural person and in which there is no legal distinction between the owner and the business entity. The owner is in direct control of all elements and is legally accountable for the finances of such business and this may include debts, loans, loss, etc. Also learn,What is Manpower Planning? Example, with Importance.
Learn and Study, What is Sole Proprietorship? Meaning and Definition.
A sole proprietor may use a trading name or business name other than his, her, or its legal name. They may have to legally trademark their business name if it differs from their own legal name. The process varying depending upon the country of residence. The sole trader receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. The proprietor owns every asset of the business, and all debts of the business are the proprietors. It is a “sole” proprietorship in contrast with partnerships (which have at least two owners).
Meaning of Sole Proprietorship:
A sole proprietorship, also known as a sole trader or a proprietorship, is an unincorporated business with a single owner. Who pays personal income tax on profits earned from the business. With little government regulation, a sole proprietorship is the simplest business to set up or take apart. Making sole proprietorships popular among individual self-contractors, consultants, or small business owners. Many sole proprietors do business under their own names because creating a separate business or trade name isn’t necessary. Alsolearn the Definition, Importance, and Affected Factors of Manpower Planning.
Definition of Sole Proprietorship:
Simplest, oldest, and most common form of business ownership in which only one individual acquires. All the benefits and risks of running an enterprise. In a sole-proprietorship. There is no legal distinction between the assets and liabilities of a business and those of its owner. It is by far the most popular business structure for startups because of its ease of formation. Least record-keeping, minimal regulatory controls, and avoidance of double taxation.
Also, A sole proprietorship is an unincorporated business owned by one individual, making it the simplest form of business to start and operate. Over 20 million sole proprietorships are operating in the United States and Canada, making it by far the most popular form of business ownership.
The key feature of the sole proprietorship definition is that unlike an incorporated business or a partnership there is no legal separation between the business and the owner in a sole proprietorship – the business is considering to be an extension of the owner and as such the owner is personally responsible for any debts or liabilities incurred by the business.
An Example of a Sole Proprietorship:
Most small businesses start as sole proprietorships and change to different legal structures as they grow. For example, in 2005, Kate Schade started her company, Kate’s Real Food, as a sole proprietor. The company creates and sells energy bars, and it began as a local vendor in Schade’s town of Victor, Idaho. The sole proprietorship sold its energy bars at local farmer’s markets and then expanded to sell online and to a few accounts in Jackson, Idaho.
Personal liability for business debts:
A sole proprietor can hold personally liable for any business-related obligation. This means that if your business doesn’t pay a supplier, defaults on a debt, or loses a lawsuit, the creditor can legally come after your house or other possessions.
Examples:
Example 1: Lester is the owner of a small manufacturing business. When business prospects look good, he orders $50,000 worth of supplies and uses them in creating merchandise. Unfortunately, there’s a sudden drop in demand for his products, and Lester can’t sell the items he’s produced. When the company that sold Lester the suppliers demand payment, he can’t pay the bill. As the sole proprietor, Lester is personally liable for this business obligation. This means that the creditor can sue him and go after not only Lester’s business assets but his other property as well. This can include his house, his car, and his personal bank account.
Example 2: Shirley is the owner of a flower shop. One day Roger, one of Shirley’s employees, is delivering flowers using a truck owned by the business. Roger strikes and seriously injures a pedestrian. The injured pedestrian sues Roger, claiming that he drove carelessly and caused the accident. The lawsuit names Shirley as a co-defendant. After a trial, the jury returns a large verdict against Roger and Shirley as the owner of the business. Shirley is personally liable to the injured pedestrian. This means the pedestrian can go after all of Shirley’s assets, business, and personal.
By contrast, the law provides owners of corporations and limited liability companies (LLCs) with what’s called “limited personal liability” for business obligations. This means that, unlike sole proprietors and general partners, owners of corporations and LLCs can normally keep their house, investments, and other personal property even if their business fails. If you will engage in a risky business, you may want to consider forming a corporation or an LLC. You can learn more about limiting your personal liability for business obligations by reading Nolo’s articles on corporations and LLCs.
Registering your sole proprietorship:
Unlike an LLC or a corporation, you generally don’t have to file any special forms or pay any fees to start working as a sole proprietor. All you have to do is declare your business to be a sole proprietorship when you complete the general registration requirements that apply to all new businesses. Also, learn the advantages anddisadvantages of the sole proprietorship.
Most cities and many counties require businesses, even tiny home-based sole proprietorships, to register with them and pay at least a minimum tax. In return, your business will receive a business license or tax registration certificate. You may also have to obtain an employer identification number from the IRS, a seller’s permit from your state, and a zoning permit from your local planning board.
Also, And if you do business under a name different from your own, such as Custom Coding, you usually must register that name, known as a fictitious business name, with your county. In practice, lots of businesses are small enough to get away with ignoring these requirements. But if you are caught, you may be subject to back taxes and other penalties.
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Factors of Manpower Planning with their Definition and Importance; According to Gorden MacBeath, manpower planning involves two stages. The first stage is concerned with the detailed; “Planning of manpower requirements for all types and levels of employees throughout the plan”; and, the second stage is concerned with; “Planning of manpower supplies to provide the organization with the right types of people from all sources to meet the planned requirements”. Also learn, What is the Process of Manpower Planning?
Explaining, Definition, Importance, and Affected Factors of Manpower Planning!
According to Vetter, the process by which management determines how the organization should move from its current manpower position to its desired manpower position. Through planning, management strives to have the right number and the right kinds of people, at the right places, at the right time, doing things that result in both the organization and the individual receiving the maximum long-run benefit.
Stainer defines it as a “Strategy for the acquisition, utilization, improvement, and preservation of an enterprise’s human resources. It relates to establishing job specifications or the quantitative requirements of jobs determining the number of personnel required and developing sources of manpower”.
According to Wickstrom, human resource planning consists of a series of activities, viz:
Forecasting future manpower requirements, either in terms of mathematical projections of trends in the economic environment and development in industry, or in terms of judgmental estimates based upon the specific future plans of a company;
Making an inventory of present manpower resources and assessing the extent to which these resources are employed optimally;
Anticipating manpower problems by projecting present resources into the future and comparing them with the forecast of requirements to determine their adequacy, both quantitatively and qualitatively; and
Planning the necessary programmes of requirement, selection, training, development, utilization, transfer, promotion, motivation, and compensation to ensure that future manpower requirements are properly met.
According to Geisler, it is the process—including forecasting, developing, and controlling—by which a firm ensures that it has the right number of people and the right kind of people at the right places at the right time doing work for which they are economically most useful.
Importance of Manpower Planning!
1. Key to managerial functions: The four managerial functions, i.e., planning, organizing, directing, and controlling are based on manpower. Human resources help in the implementation of all these managerial activities. Therefore, staffing becomes a key to all managerial functions.
2. Efficient utilization: Efficient management of personnel becomes an important function in the industrialization world of today. The setting of large-scale enterprises requires the management of large-scale manpower. It can be effectively done through staffing functions.
3. Motivation: Staffing function not only includes putting the right men on the right job; but it also comprises of motivational programs, i.e., incentive plans to be framed for further participation and employment of employees in a concern. Therefore, all types of incentive plans become an integral part of the staffing functions.
4. Better human relations: A concern can stabilize itself if human relations develop and are strong. Human relations become strong through effective control, clear communication, effective supervision, and leadership in a concern. Staffing function also looks after training and development of the workforce which leads to co-operation and better human relations.
5. Higher productivity: Productivity level increases when resources utilizing in the best possible manner; higher productivity is a result of minimum wastage of time, money, effort, and energy. This is possible through the staffing and its related activities ( Performance appraisal, training, and development, remuneration).
Factors Affecting Manpower Planning!
The exercise is not an easy tube because it imposing by various factors such as; what are the success factors of manpower planning below are :
It suffers from inaccuracy because it is very difficult to forecast long-range requirements of personnel.
It depends basically on organization planning. Overall planning is itself is a difficult task because of changes in economic conditions, which make long-term it planning difficult.
It is difficult to forecast about the personnel with the organization at a future date. While vacancies caused by retirements can predict accurately other factors like resignation, deaths are difficult to forecast.
Lack of top management support also frustrates those in charge of planning; because, in the absence of top management support, the system does not work properly.
The problem of forecast becomes more occur in the context of key personnel; because their replacement cannot arrange the short period of time.
Moreover, any system that requires the support of top management and manpower planning is no exception to this.
Definition, Importance, and Affected Factors of Manpower Planning! Thanks, Also, Photo Credit to pixabay.com/ More free Images!
Manpower planning helps in ensuring that an organization has the right kind of employees in sufficient numbers doing the right kind of job. It also makes sure that the employees doing a particular job are capable of performing the job efficiently and effectively. Coleman has described the process as “The process of determining manpower requirements and the means for meeting those requirements to carry out the integrated plan of the organization”. Also learn, about International and Comparative Human Resource Management.
Define, What is Manpower Planning? Example, with Importance!
Manpower Planning which is also called Human Resource Planning consists of putting the right number of people, right kind of people at the right place, right time, doing the right things for which they are suiting for the achievement of goals of the organization. Human Resource Planning has got an important place in the arena of industrialization. Human Resource Planning has to be a systems approach and carry out in a set procedure.
Definition of Manpower Planning!
Manpower planning is the process of estimating the optimum number of people required for completing a project, task, or goal within time. Manpower planning includes parameters like the number of personnel, different types of skills, period, etc. It is a never-ending continuous process to make sure that the business has the optimized resources available when required taking into consideration the upcoming future projects and also the replacement of the outgoing employees. It is also called Human Resource Planning.
Large businesses often work on forecasting and upcoming opportunities in the pipeline. If these opportunities convert into an actual business, they would need manpower to start working on them. But the dilemma is that what if they hired a large number of people to work on an almost sure project but at the last moment the project didn’t start on time. What would the business do with the additional skilled manpower? The other dilemma is that if they kept waiting until the last moment for a project and when the project starts they might not have enough manpower to work and deliver. These questions solving by the process of manpower planning.
Manpower planning also includes the details of how and when will new employees acquire. This whole process is done keeping in view the goals of the organization. The future predictions for business and changing technology trends. This helps the organization prepare for the future with the correct manpower at its disposal for business prosperity.
Example of Manpower Planning!
IT companies are often facing the business problem of hiring the right people for upcoming projects as well as attrition. These companies have multiple projects going on at a single time and upcoming projects in the pipeline. If they hire more people without planning they would end up with many resources on the bench which would eat into profits and if they keep waiting until the last. They would not have enough skilled people to set up the project and start delivering eventually leading to customer dissatisfaction and losses.
So these companies keep on forecasting and planning as per the market requirements, latest skillset, and their project pipeline. Most of the time, hired resources cannot be productive straight away so they need to train them which would require further planning and time.
Importance of Manpower Planning!
Manpower planning is an essential requirement for any business. It helps the company to prepare well in advance for the type of employees. They would require in their organization in the future. With constantly changing business requirements, technological advancements, etc. The skills and knowledge of employees tend to become obsolete over some time. Also, if a business is growing, then the workforce needs to expand. If the company wants to have its business at different locations, different business domains, etc. If a company fails to prepare beforehand. It can create issues in the future and can collapse the business model for a company. Hence, timely preparation of manpower planning would always help a business grow.
What is Manpower Planning? Example, with Importance!
