Business
A distinction is made in law and public offices between the term business and a company such as a corporation or cooperative.
[16] Accounting is the measurement, processing, and communication of financial information about economic entities[17][18] such as businesses and corporations.
[19] Accounting, which has been called the "language of business",[20] measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators.
[25] In the context of business and management, finance deals with the problems of ensuring that the firm can safely and profitably carry out its operational and financial objectives; i.e. that it: (1) has sufficient cash flow for ongoing and upcoming operational expenses, and (2) can service both maturing short-term debt repayments, and scheduled long-term debt payments.
Human resources can be defined as division of business that involves finding, screening, recruiting, and training job applicants.
HR departments main goal is to maximize employee productivity and protecting the company from any issues that may arise in the future.
HRIS involves the storage and organization of employee data including full names, addresses, means of contact, and anything else required by that certain company.
Some careers of those involved in the Human Resource field include enrollment specialists, HR analyst, recruiter, employment relations manager, etc.
For example, Ford Motor Company in the United States employs "more than 3,000 team members with advanced computing, analytical and technical skills".
[29] Manufacturing is the production of merchandise for use or sale using labour and machines, tools, chemical and biological processing, or formulation.
The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale.
"[30] The term developed from the original meaning which referred literally to going to a market to buy or sell goods or services.
[33] Studies have shown how company acceptance and implementation of comprehensive safety and health management systems reduce incidents, insurance costs, and workers' compensation claims.
[38] Many state institutions and enterprises in China and Russia have transformed into joint-stock companies, with part of their shares being listed on public stock markets.
It is argued that BPM enables organizations to be more efficient, effective and capable of change than a functionally focused, traditional hierarchical management approach.[who?]
Most legal jurisdictions allow people to organize such an entity by filing certain charter documents with the relevant Secretary of State or equivalent and complying with certain other ongoing obligations.
Where two or more individuals own a business together but have failed to organize a more specialized form of vehicle, they will be treated as a general partnership.
This requires the organization as a distinct entity, to disclose information to the public, and adhering to a tighter set of laws and procedures.
A very detailed and well-established body of rules that evolved over a very long period of time applies to commercial transactions.
The need to regulate trade and commerce and resolve business disputes helped shape the creation of law and courts.
The Code of Hammurabi dates back to about 1772 BC for example and contains provisions that relate, among other matters, to shipping costs and dealings between merchants and brokers.
[42] The word "corporation" derives from the Latin corpus, meaning body, and the Maurya Empire in Iron-Age India accorded legal rights to business entities.
Laws can govern the treatment of labour and employee relations, worker protection and safety, discrimination on the basis of age, gender, disability, race, and in some jurisdictions, sexual orientation, and the minimum wage, as well as unions, worker compensation, and working hours and leave.
Some businesses are subject to ongoing special regulation, for example, public utilities, investment securities, banking, insurance, broadcasting, aviation, and health care providers.
[44] Capital may be raised through private means, by an initial public offering or IPO on a stock exchange,[45] or in multiple other ways.
It is not unheard of for certain kinds of corporate transactions to require a team of five to ten attorneys due to sprawling regulation.
A trade union (or labor union) is an organization of workers who have come together to achieve common goals such as protecting the integrity of its trade, improving safety standards, achieving higher pay and benefits such as health care and retirement, increasing the number of employees an employer assigns to complete the work, and better working conditions.
