Organisational aims and objectives

Organisational and Financial characteristics of different types of
Travel and Tourism organisations

~ Information Pack ~
Sophie Harpham

~ Contents Page ~

Page

Organisational characteristics
4-5
Business structure and control
6
Business organisation
7
Documentation for business set up

Financial characteristics
9
Distribution of profits
10-12
Sources of finance
12
Supplying products and services
12-13
Financial accountability
13
Inland revenue
13-14
Customs
14
Contribution to global and UK economy
15-16
Visit Britain Case Study
17-18
Hays Travel Case Study

*Organisational and financial factors are both interdependent*

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Organisational Characteristics
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Business structure and control
Organisational characteristics include the way that a business is structured, how a business is controlled and also the liability they hold for if they were to go into debt.
There are; sole traders, partnerships, limited companies, board of directors, charities and co-operatives to take into consideration when looking at organisational characteristics.
The structure and control of sole traders is the most simplistic as they have very few regulations that they need to adhere to. The sole trader is liable for all debts as they are solely on their own within their business however they are in complete control over their business and they receive all the profits after tax. It is in most cases difficult for sole traders to raise capital (raise money to invest in further business opportunities).
The structure and control of partnerships is mostly shared between two people, if not more, and they share the liability of any debt which they may fall into however the partners can limit their liability of the debt by setting up a limited liability partnership so that their liability is capped. Generally, the partners share the control and the profits which their business may make.