Toyota Motor Company is a Japanese Multinational Vehicle Manufacturer (Coursework Sample)
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Toyota Motor Company is a Japanese Multinational Vehicle Manufacturer
* Using research on your chosen organization, identify its type (e.g., partnership, public
limited company, private limited company, cooperative, etc.) and explain the benefits and
limitations of such an organizational type on its performance.
Type of the chosen organization
Toyota Motor Company is a Japanese multinational vehicle manufacturer located in Toyota City, Japan. Kiichiro Toyoda established the firm, and it was founded on 28th August 1937. Toyota is among the globe's main automotive manufacturers, making over 10 million vehicles yearly (Khan, 2022). Toyota is a public limited company.
As a responsible organization, Toyota has functional and divisional frameworks in place to guarantee that its stakeholders can rely on it. Furthermore, unemployed workers of the organization have the option to enhance their skills by delivering great service and immediately resolving any concerns they may have.
Toyota has been discovered to recall more vehicles than any other rival in the same sector, which could be interpreted as poor administration or an absence excitement on the side of the corporation in the extremely competitive market.
Marketing is also becoming increasingly important to multinational firms. Customers' attention has shifted away from Toyota's objective and toward other firms in the marketplace due to the company's recalls for numerous flaws. This has made it difficult for its marketing personnel to convince current and prospective consumers to purchase the vehicles (Leonidou, 2019).
* Research and identify two contrasting legal structures of businesses. Outline two advantages and disadvantages for each of the identified legal entity.
Legal structures of businesses
It is two or more individuals working together to make a profit in a business. Although a partnership can be created with little formality, a partnership agreement is required when two or more persons are involved. On the other hand, a partnership agreement specifies the terms and management rights. A partner must submit a yearly report with the IRS to record losses and profits from operations; nevertheless, each member must pay taxes based on their portion of the loss or profit. Shareholders' responsibility is less restricted. Because the business involves diverse members getting together and sharing ideas, the business is always easy to establish because the members may either opt to start the business by written agreements or verbal agreements (Hurt, 2018).
Registration with the companies is not always required, but it is a straightforward process when it is. The partnership business structure is also engaged in sharing responsibilities and losses inside the firm. In other words, running a partnership firm has its own set of constraints. Because the company lacks a distinct legal structure, the partners are individually liable for any losses or debts. Furthermore, because each partner must be consulted, this corporate structure confronts the difficulty of sluggish decision-making (Hurt, 2018).
A sole proprietorship is a type of unincorporated firm founded and controlled by a single person. Because a single owner runs the firm, it may benefit differently than a partnership. Regarding taxation, the proprietor of this form of corporate organization is taxed just once, as opposed to other companies, in that the proprietor only pays personal income tax on earnings (Dungan, 2017). It is very simple to start this type of business because many government restrictions do not apply to the procedure.
The business owner may confront the following challenges, Being the only decision-maker has both advantages and cons. If the challenges faced are complicated, it might be beneficial to discuss with like-minded individuals whose primary goal is to make the firm successful.
Fewer Funds: The drawback of not having partners or other stockholders in a firm is that it cannot raise substantial capital to begin and run the business. Even if the corporation concept is practical and seems to be lucrative, coming up with a large quantity of money to get the business on track might be tough if more financing is not available (Dungan, 2017).
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