it will be great for us to examine the various forms of business organization in order to have a comparative view of other business organization and company. Also important is to draw merits of each type of organization and set the criteria to assess them. Is emeasy investment in the business facilitated? The second question is to determine the risk factor, does the business minimize risk, and thirdly, does the organization have such structure as to reduce friction or the disagreement amongst the investors and managers.
Your business could either be a sole proprietorship, registered trustees, business name or partnership.
SOLE TRADER
The business involves only the individual himself going into business on his own, The sole trader may be assisted by members of his family, his wife, and children basically. He may employ assistants and other officers.. it is most suitable and prevalent in crafts work like mechanic, teachers, petting trading and supple manufacturing business.
They can only contract on their own with personal guarantee and their liability is personal.
As the business is just one individual there is absolutely no risk of any disagreement and so there is no need for any organizational structure to prevent disagreement. It is good for the sole trader to keep proper accounts, but where he does not, he is not responsible to anybody to keep proper accounts.
The sole trader is therefore adequate for a single person with limited capital but is totally unsuitable for a large scale investment.
While registering the business, the sole trader must supply the following information to the Registrar.
(1) he must fill the prescribed form.
(2) The business name proposed
(3) The general nature of the business
(4) The full postal address of the principal place of business
(5) Full postal address of any other place of business
(6) The names of the individual sole trader, nationality, the age, sex, residential address, and business occupation of the individual
(7) Date of commencement of business
(8) Passport photograph of the sole trader
A certificate of registration will be issued to him upon completion.
Partnership
A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners may have limited liability.
Types of Partnership in Business are:
1.General Partnership: This partnership is the most common form of business cooperation.
2.Limited Partnership: Limited Partnership (LP) is a type of business partnership that is formal and has been authorized by the state.
3.Limited Liability Partnership. …
4.Limited Liability Limited Partnership.
Registered trustees
Registered Trustee means a person granted a licence and permitted to act as a registered trustee under section 6 of the Act. Registered Trustee means an individual who is registered as a trustee under Part 2 of this Schedule.
Business names
A Business Name is a name and style with which you trade; it is just a ‘style’, and it is therefore not different from the owner.A business name is your business’s legal name. It is the official name of the person or entity that owns a company. And, it’s the name you use on your government forms and business paperwork. A business’s legal name can vary depending on its type of business structure.It might be the business owner’s own personal name.
Imo state is one of the thirty six states in Nigeria. It is located in the south eastern part of the country and Owerri is its capital city. Imo came into existence in the year 1976.The state is blessed with natural resources like; the crude oil, natural gas, lead as well as zinc. Other resources include; mahogany, Iroko, oil palm, amongst others. Those who reside in this state are testimonies of success, as many business opportunities exist here:
Business Investments Opportunities in Imo State
Raw Food Business
Whilst there are farmers who see to it that food crops are being produced, yet others have to see to it that sales of these food stuff is ongoing. If you have a passion for foods, then you can start the business of food stuff, by getting supplies straight from farmers and then selling at a very fair price.
Pharmacy Business
The need for good drugs cannot be overemphasized, that is why Imo state can boast of some standard chemists. You too can start this type of venture even if you are not a pharmacist. If you are one; then that is fine. On the other hand, if you can afford to pay to hire the license of a pharmacist, then you can do so. However, be sure to meet all the requirements by the appropriate authority.
production of palm oil:
palm oil is one of the staple businesses which an average Imo state indigene engages in. You too may start this line of business, as there are many people who use red oil.
Imo state just like other south eastern states in Nigeria isn’t left out of the palm oil production. As a matter of fact,Be sure to know where to get your supplies of oil palm.
Restaurant Business
You can make local dishes or continental dishes your niche. Be sure that your business is properly located and that your shop is such that is attractive to people.
In Imo state canteens and restaurant spring up at a fast rate. You too may join the competition to see that the problem of hunger is alleviated in the state.
Fashion stores/Boutiques
If you have a knack for fashion and you love to see people look good, then you should really consider this type of business. You have got to first determine if you want to deal in female clothes, male, or for both.
There are some people who can never be caught wearing ‘okrika’. It is for this reason that some boutiques that sell brand new clothes operate.
