Piyush and Ramesh are engaged in wholesale business of pulses. They buy pulses directly from farmers in bulk and sell in small lots to the retailers. Both of them know their roles and responsibilities. They have also laid down the procedure for solving conflicts between them, if any. All the above information is described in an important component of a business plan. The component is ________________.
Answer & explanation
Correct answer: option 3
The organizational plan is that part of the business plan that describes the proposed venture's opted from of ownership adequately mentioning:
i) the terms and conditions associated with the selected form
ii) lines of authority and responsibility of members of the new venture
iii) the names, designation, addresses and resumes of the members
iv) stake of members in the organisation
v) roles and responsibilities of each member
vi) procedure for solving conflicts/disputes amongst members
vii) forms of payment for the members of the organisation
viii) voting rights, managerial and controlling rights of the members.
i) the terms and conditions associated with the selected form
ii) lines of authority and responsibility of members of the new venture
iii) the names, designation, addresses and resumes of the members
iv) stake of members in the organisation
v) roles and responsibilities of each member
vi) procedure for solving conflicts/disputes amongst members
vii) forms of payment for the members of the organisation
viii) voting rights, managerial and controlling rights of the members.