Managerial Business Foundations

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Managerial Business Foundations

Managerial Business Foundation Course focused on the primary business foundations on the qualitative side. These are essential activities in business operation and the evolution of the business into its success. Below are seven qualitative business foundations which have been learned in this course.

1.                  Business Structures.

Business structure is the legal structure of any organization which has been recognized within a particular jurisdiction. The main business structures are sole proprietorship, limited liability, partnership, and corporation. Understanding business structure is critical because it guides all organization's employees, and it lays an official framework within which business operations are executed. Providing a formal business structure makes it easier to create a position in the business and provides a flexible and easy means of business growth (Erasmus et al., 2017). Importantly, business structure influences taxes, the potential to earn, and personal liability into the business. Therefore, the knowledge of business structure is essential for its success

2.      Legal Elements of Business

When starting a business, it is recommended to ensure that all the operations are within the law. Therefore, understanding all the legal requirements is elementary because they provide the requirements a business needs to adhere to and satisfy. The main legal requirements are; the business's legal structure—this is important as it provides the direction of the operations. The decision of the business structure is dependent on the liability legalities associated with the organization. The knowledge about the legal structure of the organization helps in knowing the tax structure of the organization. Trademark is another legal element—this provides an organization with a legal business name that has been legally registered (Erasmus et al., 2017). Other legal elements that any business should comply with are operations, trade licenses, health and safety laws—business owners should ensure the employees work in a safe and healthy environment. Businesses should do a risk assessment and ensure that all the risks associated with employees are mitigated. Lastly, legally businesses are required to have employer's liability insurance—this helps avoid unnecessary fines to uncertainties that are uninsured.

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