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  • Organizational Plan: Legal Form of Business

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    Muhammad Abubakr
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    The Lounge is a partnership business with four equal partners who each own 25% of profits, equity, and initial capital. The partners make up the board of directors, with one partner serving as CEO for two-year terms on a rotating basis as Managing Director, Finance Director, Marketing Director, and Director of Operations.

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    The Lounge is a partnership business with four equal partners who each own 25% of profits, equity, and initial capital. The partners make up the board of directors, with one partner serving as CEO for two-year terms on a rotating basis as Managing Director, Finance Director, Marketing Director, and Director of Operations.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    7 views1 page

    Organizational Plan: Legal Form of Business

    Uploaded by

    Muhammad Abubakr
    The Lounge is a partnership business with four equal partners who each own 25% of profits, equity, and initial capital. The partners make up the board of directors, with one partner serving as CEO for two-year terms on a rotating basis as Managing Director, Finance Director, Marketing Director, and Director of Operations.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    ORGANIZATIONAL PLAN

    Legal form of Business: The Lounge, a resting and relaxing arena, is a business venture that follows the partnership legal form of business. The legal and regulatory requirements for afore mentioned legal form are covered under the companys partnership deed between its partners. Ownership: As the legal framework is partnership based, there are four equally shared partners that own the business. Because of having equal amount of share, all the four partners share 25% of the profit and equity. The initial capital investment of the company also follows the same distribution. The partners also form the Board of the Directors of the company including the Managing Director, Finance Director, Marketing Director and Director Operations. Moreover, the CEO (Chief Executive Officer) is unanimously selected from the four directors after the completion of the tenure of two years.

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