Of organizations can involve 2 main ideas to make

This preview shows page 6 - 8 out of 36 pages.

of organizations can involve 2 main ideas: to make goods to be sold and to provide services to be sold. There are 3 legal structures of organization which identify by Dyson (2010): Sole traders: They are single individuals running a business on their own. They earn profit and cover the losses of their venture. Sole traders are independence and self- reliance, commitment and motivation and close to their customers. However, they are unlimited liabilities, which means they can lose their home and all possessions as a result of business failure. Partnerships: A partnership must have at least two owners associated for the purpose of a business. Each partner contributes an agreed amount of capital, method of sharing profit, salaries and interest. Like a sole trader, the partners have a considerable influence over the business and are fully liable to outside parties of the event of financial failure. Corporations or company: They separate legal responsibility for the affairs of a business from the personal affairs of the individuals who own or operate it. The business debts and
Image of page 6

Subscribe to view the full document.

liabilities are those of the company and not those of its members. There are two types of companies: public limited companies and private limited companies. Worthington and Britton (2015) stated that public sector organizations are run by the government for the benefit of the general public. They have 3 defining characteristics: are owned and controlled by government, are engaged in commercial activities, have socio-political goals alongside their primary economic goals. The public sector refers to all publicly funded or publicly owned bodies, though they may not form part of the obvious apparatus of government. Private sector organizations are owned by individuals, not by the state (Worthington & Britton, 2015). These firms can be large or small, owned by one person or by thousands. They are usually set up for personal gain and are funded by shares issued, loans from banks, overdrafts. Voluntary organizations are non-profit driven, non-statutory, and run by individuals who do not get paid for running the organization (Worthington & Britton, 2015). They are usually dependent upon their members and supporters to survive. 1.3. The activities of Vietinbank in the respects of legal structure and its activity type and purpose VietinBank is a joint stock commercial bank incorporated and registered in the Socialist Republic of Vietnam. The bank was established on the basis of equitizing Vietnam Bank for Industry and Trade, with 64.5% of shares owned by the State Bank of Vietnam (Koh& Nguyen, 2018). VietinBank main activities are banking transactions and deals including: making short- term, medium-term and long-term loans to organizations and individuals based on the nature and capability of the Bank s sources of funds; performing payment services among organizations and individuals; carrying out foreign exchange transactions, international trade finance services,
Image of page 7
discounting commercial papers, bonds and other valuable notes; and providing other banking services permitted by the State Bank of Vietnam (Vietinbank, 2018a).
Image of page 8
You've reached the end of this preview.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern