Buchanan and Huczynski definition - Organisation - 3 Parts
Social Arrangements - Two or more people working together in a structured way (by this definition, someone working alone cannot be classed as an organisation.)
Controlled Performance - Systems and procedures to regulate staff behavior
Collective Goals - Pursuit of goals over and above individual aspirations
Similarity between most Organisations
They are mainly concerned with taking inputs and transforming them into outputs
Organisations Enable People to (3)
Share skills & knowledge - allows people to perform tasks they would not be able to on their own
Pool resources (whether money or time)
Three Common Types of Commercial Companies (3)
Limited Liability Companies (Private Limited + Public Limited)
Limited Liability Company & 2 Types
Company has a separate legal identity from owners (Shareholders)
Types = Private Limited Company (LTD) & Public Limited Company (PLC)
Organisations can achieve more than an individual can on their own - this is known as:
Profit Seeking vs Non-Profit Seeking
Public Sector vs Private Sector vs Corporations
Org owned and run by one person. Owner is not legally separate from the business.
Org owned and run by two or more people. Like sole traders, owners are legally same as company.
Tends to be smaller businesses, owned by a few shareholders. Shares cannot be offered to general public.
Private Limited Company (LTD)
Larger businesses with shares that can be offered to general public - makes it easier to raise finance to enable growth.
Public Limited Company (PLC)
Company that has a separate legal identity to its owners (known as shareholders) - the owner's liability is limited to the amount they have invested into the company
Limited Liability Companies (LTD / PLC)
Organisations that are owned and democratically controlled by their members (the people who buy their goods/services). Each member usually gets a single vote on key decisions - organised to meet needs of owners who share any profits