Course Contents

1. Business: Nature and Scope of Business, Activities excluded from business, characteristics of business, importance of business, criticism of business, objectives, qualities of a successful businessman, scope of business or components of business, Types of industry, functions of a modern business, distinction between trade, commerce and industry. 2. Forms of Business Organization: Problems before establishing a new business, business organization, nature and scope, Legal Forms of Business Ownership: Characteristics of Sole proprietorship, advantages and disadvantages, scope of sole proprietorship in Pakistan, preference of sole proprietorship over other forms of organization. 3. Partnership and its Characteristics: Merits and demerits, partnership agreement/ deed, kinds of partners: general partners, special partners, other partners, partnership distinguished from co-ownership, registration of a firm, and dissolution of a partnership firm: modes. 4. Joint Stock Company: What is a joint stock company? Characteristics of a company, classification of companies: chartered companies, statutory companies, registered companies, merits and demerits of company form of organization. 5. Promotion and Formation of a Joint Stock Company: Company promoters and their functions, Formation of a public company: Promotion, Incorporation and Subscription of capital and commencement of business. 6. Basic Legal Documents Issues by a Company: Memorandum of association, Articles of association, Prospectus. 7. General Meetings, Capital Management: 8. Winding Up and Management of Companies: 9. Cooperative Societies: Meanings, Types, advantages and disadvantages 10. Business Combinations: Meaning, types, forms, causes, purposes, advantages and disadvantages. 11. Finance: Definition, components and importance, kind sand sources of finance, Long term and Short term Financing, some important financial institutions and regulatory bodies, Stock exchanges and commodity exchange. 12. Risk and Risk Management: Insurance, protection against risk, importance and type of insurance and risk. 13. Trade: Wholesale and retail, meaning, importance, functions, advantages and disadvantages. Foreign trade, import and export. Role in country economic development.

Course Synopsis

Commerce is a fast moving subject. The persons who are engaged in business and those who are to enter in this profession must acquaint themselves with the fundamentals and new developments of Business Organization and Management. The objective of this course is to provide the students with a wide vocabulary and a background in business principles and practices for use in advance courses of Business.

Course Learning Outcomes

After completion of this course, students will be able to: • Understand the nature and purpose of business activity • Describe the structure of business • Understand the business objectives of the various stakeholders • Understand the environment within which business operates and the services available to assist • Define and describe the functional activities within an organization and understand the importance of their interdependence • Apply business theory and concepts to practical business problems.