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Organizations

An organization is a body or association which has been formed with an aim of achieving some common objectives. A business organization can be of many types. A sole proprietorship organization is owned by only one person who owns unlimited liability for all the business debts incurred and less expense is involved to set up the business. In a partnership organization, each partner shall be equally liable for the debts of the business. There is also the limited partnership business where the limited partner’s liability towards the debt is limited to some extent. In a limited liability company, all the members have limited liability towards the organization’s debt. A corporation is a large business organization where the share holders are not obligated for the organization’s debts. A business organization has many members whose combined effort helps to achieve the business objectives.