In conditions of market economy, organizational forms of entrepreneurship are diverse. At the same time, as noted in the previous paragraph, the organizational form of entrepreneurial activity itself can largely determine the organization of financial management.

As of January 1, 2009, more than 4 million organizations of various organizational and legal forms and -3.8 million individual entrepreneurs (including peasant farms) were registered in the Russian Federation. Let us consider in what legal forms this almost eight million “army” of enterprises and entrepreneurs can operate.

According to Art. 23 of the Civil Code of the Russian Federation, individuals have the right to engage in entrepreneurial activities without forming a legal entity from the moment of state registration as an individual entrepreneur.

A legal entity (Article 48 of the Civil Code of the Russian Federation) is an organization that:

■ has separate property in ownership, economic management or operational management and is liable for its obligations with this property;

■ can, on its own behalf, acquire and exercise property and personal non-property rights, bear responsibilities, and be a plaintiff and defendant in court;

■ has an independent balance or estimate.

Legal entities have the right to carry out any activity from the moment of their state registration.

In the total set of legal entities, the following organizations are distinguished:

■ commercial (pursuing profit as the main goal of their activity);

■ non-profit (not having the main purpose of their activity to make a profit).

Accordingly, in the system of finance of business entities, two areas are distinguished: finance of commercial organizations and finance of non-profit organizations. The finances of these two groups of economic entities have their own specifics related to the form of organization of business activities, the formation and use of financial resources, ownership of property, fulfillment of obligations, and taxation.

The variety of organizational and legal forms of business entities is presented in Table. 20.3.1.

Table 20.3.1. Organizational and legal forms of economic entities

Business entities
commercial organizations	non-profit organizations	individual entrepreneurs
1. Business partnerships: - general partnerships; - limited partnerships (limited partnerships). 2. Business companies: - joint stock companies (open and closed); - limited liability companies; - companies with additional liability. 3. Production cooperatives. 4. Unitary enterprises: - state; - municipal	1. Consumer cooperatives. 2. Public and religious organizations. 3. Funds. 4. Institutions. 5. Associations and unions of legal entities. 6. State corporations. 7. Communities of indigenous peoples of the Russian Federation. 8. Cossack societies. 9. Non-profit partnerships. 10. Autonomous non-profit organizations

Specific legal features of various organizational and legal forms are determined by the Civil Code of the Russian Federation, federal laws and other special regulatory legal acts. Let's consider the financial aspect of this legal regulation, i.e. monetary relations associated with the formation and use of financial resources of organizations.

According to the generally accepted classification, all financial resources of organizations are divided into four groups:

• 1) own (authorized capital, additional capital, reserve capital, retained earnings, depreciation);
• 2) own strictly targeted purposes (targeted financing and revenues, insurance compensation, reserves for future expenses);
• 3) attracted (advances received, normal debt to the budget and extra-budgetary funds);
• 4) borrowed (credits, borrowings, loans received).

In commercial organizations, financial resources can be represented by all four groups. However, their main sources (if the organization does not use loans and credits) are its own and attracted resources. Among own sources in the process of operational financial management, special attention is paid to profit and depreciation as components of net cash flow.

In non-profit organizations (NPOs), sources of financial resources are usually limited. Firstly, NPOs do not have an authorized capital. When they are created, the founders can form an authorized capital (similar to the authorized capital in commercial organizations), but this is not mandatory. As a rule, all property transferred to NPOs by founders (participants) relates to targeted financing and revenues. Moreover, if the property comes in the form of fixed assets, then upon commissioning its value forms the additional capital of the organization. Secondly, since making a profit is not the goal of an NPO, such a source of financial resources as retained earnings (provided the NPO conducts only non-commercial activities) is, as a rule, absent. NPOs do not have another source of their own financial resources - depreciation. In general, it should be noted that if an NPO carries out only statutory non-commercial activities, practically the only source of formation of the NPO’s financial resources is targeted funding and revenues.

Let us consider in more detail the features of finance of organizations of specific organizational and legal forms.

In order to maintain historical consistency (the transition from a simpler form of management to a more complex one), we will begin the analysis with state and municipal unitary enterprises.

A unitary enterprise is a commercial organization that is not vested with the right of ownership to the property assigned to it by the owner. It is owned by the Russian Federation or a constituent entity of the Russian Federation (then we are dealing with a state unitary enterprise - GUL) or owned by a municipal entity (municipal unitary enterprise - MUL) and belongs to such an enterprise with the right of economic management or operational management. The property of a unitary enterprise is indivisible and cannot be distributed among contributions (shares, shares), including among employees of the enterprise. The activities of unitary enterprises are regulated by the Civil Code of the Russian Federation and the Federal Law of November 14, 2002 No. 169-FZ “On State and Municipal Unitary Enterprises” (hereinafter referred to as the Law “On State Unitary Enterprises (MUP)”).

If property is assigned to an enterprise under the right of economic management, this means that the enterprise independently exercises the rights of ownership and use of this property, and the right to dispose of it is limited. The latter is that an enterprise does not have the right to sell real estate owned by it under the right of economic management, rent it out, pledge it, make a contribution to the authorized (share) capital of business companies and partnerships, or dispose of it in any other way without the consent of the owner.

If the property is assigned to an enterprise with the right of operational management (this applies to state-owned enterprises), then it exercises the right of ownership of this property, and can use it only in accordance with the goals of its activities and the instructions of the owner. The right to dispose of property in this case is even more limited than with the right of economic management: a state-owned enterprise has the right to alienate or otherwise dispose of all the property assigned to it only with the consent of the owner of this property, and can independently dispose only of the products it produces, unless otherwise established by law or other legal acts.

For a more visual presentation of the material, the main features of the finances of unitary enterprises are presented in Table. 20.3.2.

On the date of registration of a state enterprise, the size of its authorized capital must be at least 5,000 times the minimum wage (minimum wage). For a municipal enterprise, the size of the authorized capital should not be less than 1000 minimum wages. In a state-owned enterprise, an authorized capital is not formed.

The property of a unitary enterprise is formed through:

• - property assigned to a unitary enterprise with the right of economic management or with the right of operational management by the owner of this property;
• - income of a unitary enterprise from its activities;
• - other sources that do not contradict the law.

A unitary enterprise is liable for its obligations with all its property. It is not liable for the obligations of the owner of its property, just as the latter is not liable for the obligations of the state enterprise or municipal enterprise, except in cases where the insolvency (bankruptcy) of such an enterprise is caused by the owner of its property.

The Russian Federation, constituent entities of the Russian Federation or municipalities bear subsidiary liability for the obligations of their state-owned enterprises if their property is insufficient.

GUL (MUL) annually transfers to the appropriate budget part of the profit remaining at its disposal after paying taxes and other obligatory payments. At the expense of the profits remaining at the disposal of the enterprise, it can create reserve and other funds. The funds of the reserve fund can be spent only to cover losses, the funds of other funds - for the purposes determined by federal laws, other regulatory legal acts and the charter of the unitary enterprise.

Table 20.3.2. Main characteristics of finance of unitary enterprises

Criterion	Unitary enterprises
	federal state company	state enterprise of a constituent entity of the Russian Federation	municipal company	federal government company	state-owned enterprise of a constituent entity of the Russian Federation (SUE)	municipal government company
Founders	Russian Federation	The subject of the Russian Federation	Municipal education	Russian Federation	The subject of the Russian Federation	Municipal education
Ownership of property belongs to	Russian Federation	The subject of the Russian Federation	Municipal education	Russian Federation	The subject of the Russian Federation	Municipal education
Bodies exercising the powers of the owner of the enterprise's property	state power of the Russian Federation			Government bodies of the Russian Federation	State authorities of a constituent entity of the Russian Federation	Local authorities
Assignment of property to the enterprise	On the right of economic management			With the right of operational management
Size of the authorized capital	Not less than 5000 minimum wage		Not less than 1000 minimum wage	Not formed
Formation of the authorized capital upon establishment of an enterprise	Within three months from the date of state registration of the enterprise
Creation of a reserve fund	At the expense of the net profit remaining at the disposal of the unitary enterprise in the manner and amount provided for by its charter
	Only to cover losses
Net Asset Size	Not less than the size of the authorized capital

The state unitary enterprise (MUP) disposes of movable and immovable property only to the extent that does not deprive it of the opportunity to carry out activities, the goals, subject and types of which are determined by the charter of such an enterprise. This enterprise does not have the right, without the consent of the owner, to carry out transactions related to the provision of loans, guarantees, receipt of bank guarantees, other encumbrances, assignment of claims, transfer of debt, as well as enter into simple partnership agreements.

State-owned enterprises have the right to alienate or otherwise dispose of the property belonging to them only by an authorized government body. The activities of a state-owned enterprise are carried out in accordance with the estimate of income and expenses approved by the owner of its property.

The size of the net assets of a unitary enterprise cannot be less than the size of the authorized capital. If at the end of the financial year the value of the enterprise's net assets is less than the minimum size of the authorized capital and within three months it is not restored to its minimum size, the owner of the property of the state unitary enterprise (MUP) must decide to liquidate or reorganize such an enterprise.

Special studies note that the efficiency of state-owned enterprises in Russia is low. In order to strengthen control over the activities of federal state enterprises, indicators of the economic efficiency of their activities have been introduced. To increase the efficiency of state property management and strengthen the responsibility of the heads of federal state unitary enterprises for the results of their financial and economic activities, a reporting procedure has been introduced for the heads of these enterprises. They are liable for distortion of reporting in accordance with the legislation of the Russian Federation.

State financial control over the use of federal property is carried out by the Accounts Chamber of the Russian Federation. In the constituent entities of the Russian Federation and municipalities, control chambers of representative bodies have been created, one of the tasks of which is financial control over the use of property of the constituent entities of the Russian Federation and municipal property. One of the methods of financial control over the activities of state-owned enterprises is to conduct a mandatory audit of their activities, based on the results of which the owner can predict the future stable (or unstable) operation of the enterprise, decide on the advisability of leaving it in state (municipal) ownership or changing the form of ownership, i.e. i.e. reorganizing them into business partnerships or companies, since the latter have broader management capabilities.

The activities of business partnerships are regulated by the provisions of the Civil Code of the Russian Federation.

A full partnership is recognized as one whose participants (general partners), in accordance with an agreement concluded between them, engage in entrepreneurial activities on behalf of the partnership and are liable for its obligations with the property belonging to them. Participants in a general partnership can be individual entrepreneurs and (or) commercial organizations, whose contributions form its share capital. Since the participants of a general partnership jointly and severally bear subsidiary liability with their property for its obligations, a person can be a participant in only one general partnership. The management of the latter’s activities is carried out by common agreement of all participants. Profits and losses of a general partnership are distributed among its participants in proportion to their shares in the joint capital, unless otherwise provided by the constituent agreement or other agreement of the participants.

A limited partnership is one in which, along with the participants who carry out business activities on behalf of the partnership and are liable for its obligations with their property (general partners), there are one or more participant-investors (limited partners) who bear the risk of losses associated with the activities of the partnership , within the limits of the amounts of contributions made by them and do not take part in the implementation of entrepreneurial activities by this partnership. General partners can be individual entrepreneurs and (or) commercial organizations, and investors can be citizens and legal entities. Since general partners jointly and severally bear subsidiary liability with their property for the obligations of the partnership, a person can be a general partner in only one limited partnership.

Participants in business companies can be citizens and legal entities (i.e., both commercial and non-profit organizations). A business company can have one participant. Contributions from participants form the authorized capital of the company. The activities of business companies are regulated by the provisions of the Civil Code of the Russian Federation, as well as Federal Law No. 14-FZ dated 02/08/1998 “On Limited Liability Companies” and Federal Law No. 208-FZ dated 12/26/1995 “On Joint-Stock Companies”.

A joint stock company (JSC) is a company whose authorized capital is divided into a certain number of shares; The participants of the joint-stock company (shareholders) are not liable for its obligations and bear the risk of losses associated with the activities of the company, within the limits of the value of the shares they own. In an open joint-stock company (OJSC), participants can alienate their shares without the consent of other shareholders. In a closed joint stock company (CJSC), shares are distributed among its founders or other predetermined circle of persons. Shareholders of a closed joint stock company have a pre-emptive right to purchase shares sold by other shareholders of this company.

A limited liability company (LLC) is a company established by one or more persons, the authorized capital of which is divided into shares of sizes determined by the constituent documents; LLC participants are not liable for its obligations and bear the risk of losses associated with the activities of the company, within the value of the contributions they made.

An additional liability company (ALC) is a company established by one or more persons, the authorized capital of which is divided into shares of sizes determined by the constituent documents; participants of an ALC jointly and severally bear subsidiary liability for its obligations with their property in the same multiple of the value of their contributions, determined by the constituent documents of the company. In the event of bankruptcy of one of the participants, his liability for the obligations of the ALC is distributed among the remaining participants in proportion to their contributions, unless a different procedure for the distribution of liability is provided for by the constituent documents of the company.

For the purpose of a more visual presentation of the material in Table. 20.3.3 shows the features of organizing the finances of business partnerships and companies according to certain criteria, which include the characteristics of the composition of participants and authorized (share) capital, the possibility of creating a reserve fund, risks and responsibilities of participants, etc.

It should be noted that there are a number of serious gaps in the legislative regulation of the activities of business companies, so the issue of introducing significant changes to corporate legislation is being considered. Back in 2006, the Government of the Russian Federation approved the Concept for the development of corporate legislation for the period until 2008, prepared by the Expert Council on Corporate Governance under the Ministry of Economic Development of the Russian Federation (hereinafter referred to as the Concept), identifying four areas for improving corporate legislation.

1. Development of legislation in order to prevent and resolve corporate conflicts, suppress unfair corporate takeovers. To achieve this, it is planned first of all to improve procedural legislation.

Criterion	Business partnerships and societies
	General partnerships	Partnerships of Faith
Participants (founders)	Individual entrepreneurs and (or) commercial organizations	General partners: individual entrepreneurs and (or) commercial organizations; investors - citizens and legal entities	Citizens and legal entities
Type of association	Association of persons		Pooling of capitals
Opportunity to participate in several organizations	A person can be a participant in only one general partnership	A person can be a general partner in only one limited partnership	A person can be a founder of an unlimited number of business companies
Number of participants	At least two	At least three				Not limited
Capital generated from contributions of participants (founders)	Share capital divided into shares		Authorized capital divided into shares		Authorized capital divided into shares
Amount of authorized (share capital)	Not installed		At least 10,000 rubles		Not less than 100 minimum wage	Not less than 1000 minimum wage
Payment of authorized (share) capital upon establishment of a company (partnership)	By the time of registration, each partner must make at least half of his contribution; the rest - within the terms established by the constituent agreement		By the time of registration, at least half of the authorized capital must be paid; the rest - during the period determined by the constituent agreement, but not more than one year from the date of state registration of the company		At least 50% of the shares must be paid for within three months from the date of state registration of the company. The rest - within a year from the date of state registration of the company, unless a shorter period is provided for in the agreement on the creation of the company
Creation of a reserve fund	Not provided for by law		Created in the manner and size provided for by the company's charter		It is created in the amount of at least 5% of the authorized capital through mandatory annual contributions from net profit. These deductions cannot be less than 5% of net profit until the established amount of reserve capital is reached
Use of reserve fund funds	By decision of the participants		By decision of the participants		Only to cover the company’s losses, as well as to repay bonds and repurchase shares of the company in the absence of other funds
Risk of losses for participants (founders)	Within the limits of all property owned by them (full liability)	General partners - within the limits of all property belonging to them; depositors - within the limits of the amounts of deposits made by them	To the extent of the value of their shares (limited liability)		Up to the value of their shares (limited liability)
Additional responsibility of participants (founders)	Jointly and severally bear subsidiary liability with their property for the obligations of the partnership	General partners jointly and severally bear subsidiary liability with their property for the obligations of the partnership	Subsidiary liability for the obligations of the company with one’s own property in the same multiple of the value of the shares, determined by the constituent documents of the company
Net Asset Size	Not less than the amount of the share capital		Not less than the amount of the authorized capital

• 2. Improving corporate governance: the structure of the company’s governing bodies, the distribution of competence and responsibility. Here it is proposed to introduce measures of effective corporate control and the institution of liability of the executive and control bodies of the company for dishonest performance of their duties. The question is also raised about introducing measures to stimulate the payment of dividends by joint-stock companies.
• 3. Improving the system of organizational and legal forms of legal entities, developing norms for regulating public and closed forms. In this direction, one of the priority goals is to abandon the division of joint stock companies into closed and open ones. Instead, it is proposed to provide a differentiated regulatory system for public companies (the shares of which are placed (traded) among an indefinite number of persons) and non-public companies.
• 4. Development of legislation in the field of reorganization and functioning of integrated business structures. It is proposed to unify the procedures for the reorganization of legal entities of various organizational and legal forms, eliminate the presumption of “non-influence” of the parent company, establish limits for cross-ownership of shares in companies, establish special tax regulation for a group of related persons, and specify the list of grounds for affiliation of persons.

The measures proposed in the Concept should have led to the formation of a more effective system of corporate legislation that would help increase the competitiveness, transparency and investment attractiveness of Russian companies.

Currently, not all of the goals stated in the Concept have been achieved. Nevertheless, work to improve legislation continues.

Thus, Federal Law No. 312-ΦЗ dated December 30, 2008 amended the legislation on limited liability companies. These changes are mainly aimed at protecting the interests of creditors and the state and combating tax evasion. The main significant innovations were:

■ change in terminology: previously, along with the concept of “share of authorized capital,” the concept of “contributions of participants” was used; now the term “contributions” is eliminated and only the concept of “share” is used;

■ mandatory notarization of transactions aimed at alienating a share or part of a share in the authorized capital of a company, which should reduce the sale of “gray” companies;

■ imposing the obligation of the company to maintain and store a list of company participants indicating information about each participant of the company, the size of his share in the authorized capital of the company and its payment, as well as the size of shares owned by the company, the dates of their transfer to the company or acquisition by the company;

■ changing the procedure for the withdrawal of a company participant from the company. A participant in a company has the right to leave the company by alienating a share to the company, regardless of the consent of its other participants or the company, but only if this is provided for by the charter of the company. The withdrawal of company participants from the company, as a result of which not a single participant remains in the company, as well as the withdrawal of the only participant of the company from the company is not allowed. This restriction should reduce the number of “abandoned” societies from which all participants left, and the state should bear the costs that it incurred for periodic “cleaning” of the register and freeing it from such empty societies.

Production cooperatives occupy a special place among commercial organizations.

A production cooperative is recognized as a voluntary association of citizens on the basis of membership for joint production or other economic activities (production, processing, marketing of industrial, agricultural and other products, performance of work, trade, consumer services, provision of other services), organized with their personal labor and other participation and the association of its members (participants) of property shares. Members of a production cooperative bear subsidiary liability for its obligations in the amount and in the manner provided for by Federal Law No. 41-FZ of 05/08/1996 “On Production Cooperatives” and the charter of the cooperative. Property owned by a production cooperative is divided into shares of its members. The charter of the cooperative may establish that a certain part of the property owned by the cooperative constitutes indivisible funds used for statutory purposes. The profit of the cooperative is distributed among its members in accordance with their labor participation.

The organization of finances of non-profit organizations has its own characteristics, which are regulated by the Civil Code of the Russian Federation, as well as a number of federal laws.

Summarizing these features, it should be noted that financial management in NPOs comes down mainly to the mobilization of financial resources (the sources of which are quite limited) and their use within the approved budget for the intended purpose for conducting statutory activities. If an NPO conducts business activities, then the profit received (unlike the profit received by commercial organizations) cannot be distributed among the participants of the NPO (with the exception of members of consumer cooperatives), but must be directed to the conduct of statutory activities.

Each of the organizational forms of entrepreneurship discussed in this paragraph has its own advantages and disadvantages from the point of view of financial management.

For example, registering a citizen as an individual entrepreneur requires less time and financial resources. A great advantage of this form is also the ease of decision-making. However, along with the positive aspects, there are significant disadvantages: full liability for obligations, limited possibilities for mobilizing financial resources (impossibility of issuing shares, bonds, attracting large credit resources).

The use of forms of business partnerships when doing business in Russia has not become widespread due to increased risks and liability, and the need for complete trust in relations between partners. Moreover, these risks in Russia (unlike foreign countries) are not compensated by significant tax benefits.

The most common forms of doing business in the Russian Federation at present are limited liability companies and joint stock companies. This is primarily due to the reduction in the risk of losses by limiting the liability of participants to the amount of contribution to the authorized capital. Also, these forms allow you to use a variety of

financial decisions related to the movement of capital, accumulation and use of financial resources and profits. JSCs can also mobilize additional resources by issuing shares and raising funds from the stock market. At the same time, managing the financial activities of a joint-stock company is becoming significantly more complicated, which predetermined the identification of new directions in financial science: “corporate finance” and “financial management”, which examine in more detail the basic provisions of financial management in complex economic structures - corporations.

The finances of organizations can be classified according to various criteria.

According to organizational and legal forms, finance is distinguished: open joint-stock companies, closed joint-stock companies; limited liability companies; companies with additional liability; general partnerships; faith partnerships; production cooperatives; state and municipal unitary enterprises; non-profit organizations. In practical activities, it is very important to take into account the financial features of enterprises of various organizational and legal forms, because ignoring this circumstance can lead to conflicts between owners, managers and employees.

According to industry sector, finance is distinguished: industrial enterprises; agricultural enterprises; transport organizations; trade organizations; research, development, design organizations; construction, installation, construction and installation organizations, etc. At the same time, the finances of industrial enterprises occupy a leading place in the general system of enterprise finance. This is determined by the fact that they serve a sector of the national economy in which the majority of the total social product, national income and monetary savings are created. However, the finances of industrial enterprises and organizations are closely related to the finances of other sectors of the economy. The specifics of the organization of finance of enterprises of various departmental and industry affiliations are determined by the technical and economic characteristics of a particular industry, the combination of operations of a production and non-production nature, the use of land as the main factor of production, geography and natural and climatic characteristics of certain sectors of the economy, the nature of products, work , services produced in a particular industry, etc.

Depending on the subjects of property rights, the finances of commercial organizations are distinguished, the property of which is owned by citizens and legal entities of the Russian Federation, the Russian Federation, constituent entities of the Russian Federation, municipalities, foreign citizens and in joint ownership.

Depending on the size of enterprises, finance is distinguished: small enterprises; medium enterprises and large enterprises.

All areas of classification have an impact on the organization of enterprise finance, since they differently shape the costs of production and sales of products, the structure of assets and capital, profit, and the duration of the operating and cash cycles; determine the specifics of taxation, the formation of income and monetary funds, the distribution of profits and other aspects of the activities of enterprises.

The finances of organizations (enterprises) can be classified according to various criteria.

According to organizational and legal forms, they distinguish: finances of open joint-stock companies, finances of closed joint-stock companies, finances of limited liability companies, finances of additional liability companies, finances of general partnerships, finances of limited partnerships, finances of production cooperatives, finances of state and municipal unitary enterprises, finances non-profit organizations. In practical activities, it is very important to take into account the peculiarities of finance of enterprises of various organizational and legal forms, because ignoring this circumstance can lead to conflicts between owners, managers and employees (this will be discussed in more detail in the next chapter).

According to industry and departmental affiliation, they distinguish: finance of industrial enterprises; agricultural finance; finances of transport organizations; finance of trade organizations; finances of research, development, design organizations; finances of construction, installation, construction and installation organizations, etc.

At the same time, the leading place in the financial system of organizations (enterprises) is occupied by the finances of industrial enterprises. This is determined by the fact that they serve a sector of the national economy in which the largest part of the total social product, national income and monetary savings is created. Meanwhile, the finances of industrial enterprises and organizations are closely related to the finances of other sectors of the economy.

The specifics of the organization of finance of enterprises of various departmental and industry affiliations are determined by the technical and economic characteristics of a particular industry, the combination of operations of a production and non-production nature, the use of land as the main factor of production, geography and natural and climatic characteristics of certain sectors of the economy, the nature of products, work , services produced in a particular industry, etc.

For example, capital construction has the following features:

longer production cycle, which affects the volume of work in progress; ?

construction of facilities is carried out in different climatic and territorial zones, which affects their cost;

financing of construction is carried out within the cost estimate, which is established on the basis of construction contracts with customers and suppliers of material and technical resources;

the nature of construction and installation work determines varying degrees of material and labor intensity of the work performed at certain stages and during certain periods of construction, which determines the uneven need for working capital;

The pricing mechanism in construction has specific features associated with the individual nature of the objects under construction, with a significant dependence of the cost on specific, often non-repeating construction conditions. Therefore, the price of construction products in most cases is determined individually on the basis of estimate documentation in accordance with the volume of work, methods of production technology and unit prices for certain types of work. The formation of contract prices for construction products, as a rule, is implemented on a competitive basis through contract bidding;

The bulk of the profit received by a construction organization is the profit from the delivery of completed work to customers.

Depending on the stage of the investment process, it can be estimated, planned and actual;

there are no finished products in the composition and structure of working capital of contracting organizations, which is due to the technical and economic features of capital construction;

in the structure of fixed production assets in construction, their active part predominates, which is due to the fact that industrial buildings and structures are located mainly in auxiliary and auxiliary industries and are intended to serve the production process, etc.

The specifics of the functioning of trade organizations are as follows:

their activities combine operations of a production and non-production nature, which determines the duration of the production and cash cycles and thereby affects the amount of inventories;

trade organizations as independently operating market entities, depending on the nature of their activities, are divided into two types: wholesale trade enterprises and retail trade enterprises, which determines the peculiarities in the formation of financial resources;

buildings, structures and transmission devices predominate in the structure of fixed assets of trade enterprises; the share of machinery and equipment is insignificant; the structure of working capital of trade organizations depends on their type, product specialization, and composition of turnover. Meanwhile, the predominant part of them falls on inventory and shipped goods (approximately 90%);

proceeds from the sale of goods are received, as a rule, in cash, which implies enhanced control over its correct use;

gross income in trade is a part of the price of a product intended to cover distribution costs and generate profits for trading organizations, etc.

Features of the organization of agricultural finance are predetermined by a number of objective circumstances, which can be combined into two conditional groups:

features due to the specifics of agricultural production;

features due to the special status of agriculture.

Features of agricultural finance, due to the specifics of agricultural production itself, are as follows:

Land is the main means of production in agriculture. It is both a tool and a subject of labor;

land used in agricultural production has different levels of fertility. These differences are reflected in the cadastral valuation of land;

Agriculture is characterized by a long production cycle;

Revenue from the sale of agricultural products is received unevenly throughout the year. Its main volumes are formed in agriculture mainly in the fourth quarter after the harvest has ripened, livestock has been brought to slaughter conditions, etc.;

income and expenditure flows of agricultural enterprises do not coincide in time;

agricultural production has a pronounced seasonal nature and dependence on natural and climatic factors, etc.

The second group of features of agricultural finance is predetermined by its special status and is associated with the concept of “state protectionism” (state support), which is carried out in the following three ways:

through direct financing by the state from the budget and other targeted state funds of certain reproductive needs of agricultural enterprises;

through indirect financing of agricultural enterprises through systems of preferential taxation, lending and insurance;

through customs and price regulation of agricultural production.

Agriculture in many countries is the object of increased attention from the state, which is implemented through a policy of state support, since the products produced here - food - are strategically important, and the sufficiency of production volumes of certain types is directly related to the food security of the state.

Depending on the subjects of property rights, the finances of commercial organizations are distinguished, the property of which is owned by: a) citizens and legal entities of the Russian Federation, including foreign (private); b) Russian Federation (state); c) subjects of the Russian Federation (state); d) municipalities (municipal); e) in joint ownership.

The definition of property liability, the procedure for the formation and use of financial resources, the distribution of financial results, and the relationships between participants in the production process depend on the form of ownership of the organization (enterprise).

Depending on the size of enterprises, they distinguish: finance of small (small) enterprises; finance of medium-sized enterprises and finance of large enterprises.

The size of organizations (enterprises) influences the organization of finances in terms of the presence or absence of opportunities to attract financial resources to expand and improve production from external sources, specialized management, in terms of the possibility of using special taxation regimes, maintaining financial statements, etc.

Meanwhile, all areas of classification have an impact on the organization of enterprise finance, since they differently shape the costs of production and sales of products, the structure of assets and capital, profit, and the duration of the operating and cash cycles; determine the specifics of taxation, the formation of income and monetary funds, the distribution of profits and other aspects of the activities of enterprises. 1.4.

Capital-labor ratio

6. The essence, composition and structure of the organization’s working capital, their classification. Production and financial cycle.

7. Determination of working capital requirements. Methods for calculating working capital standards.

9. Price as an economic category, types of prices. Methods and principles for determining the base price.

10. Revenue of the organization, factors determining its size. Planning of revenue from sales of products (works, services)

11. The economic essence of profit, the conditions for its formation, functions and main types of profit. Profit planning, distribution and use procedures.

1. Direct counting method

2. Analytical method

3. Combined calculation method

15. Contents, goals and objectives of financial planning and budgeting. Types of financial plans (budgets) of an organization, their essence, content and relationship.

16. The role and importance of financial analysis in a market economy. Methods and techniques of financial analysis.

18. Financial management of an organization in a market economy.

19. Financial management: concept, essence, functions. Characteristics of the goals of financial management.

20. Financial mechanism and its main elements.

21. The main areas of professional activity of a financial manager.

22. Capital structure of the organization and its optimization.

24. Insurance market, its functions, types of insurance markets in Russia. The system of economic interests of the main participants in the insurance market.

25. Insurance service as a form of implementation of insurance protection in market conditions. Insurance premium as the price of an insurance service, principles and stages of calculating insurance premiums for mass types of insurance.

26. Risk as the basis of insurance relations. Concept, characteristics of insurance risk and division of risk between participants in insurance relations.

27. Types and classification of securities markets, trends in their development. Functions of the securities market, main participants and professional activities in the securities market.

2. Depending on the stage of circulation of the security, the following are distinguished:

3. Depending on the level of regulation, securities markets can be:

4. Depending on the type of trading, the securities market exists in two main forms:

5. Depending on the terms for which transactions are concluded, securities markets are divided into:

7. According to the level of development, one should distinguish:

28. Comparative characteristics of types of securities (classical, derivatives). Features of joint stock ownership in Russia and its impact on the domestic securities market.

29. Economic essence and types of investments. The investment process, its participants, the content of the investment project and its types.

1. Depending on the objects of capital investment, the following are distinguished:

6. By type of ownership of investment resources:

7. Regarding risks:

6. Other persons.

1. In relation to each other:

2. According to the implementation period (creation and operation):

3. By scale (most often the scale of the project is determined by the size of the investment):

4. According to the main focus:

6. Depending on the amount of risk, investment projects are divided as follows:

30. The essence, types, forms of foreign investment and their role in the economic system of the country. Investment climate, concept and factors influencing it.

3. Depending on the nature of use:

4. Depending on the investment object:

2. Features of finance of organizations of various organizational and legal forms and sectors of the economy.

A distinctive feature of enterprise finance is its dependence on the legal form of their organization. Organizational and legal forms of management predetermine various features of the organization of finances of enterprises: the sources and procedure for the formation of the authorized capital, the system of distribution of profits (income), relationships with the budget, etc. Classification of organizations by forms of ownership:

Business partnerships:

• Business companies:

  • Limited Liability Company (LLC)

    Open Joint Stock Company (OJSC)/Closed Joint Stock Company (CJSC)

    Additional liability company (ALC),

Producer cooperatives;

Unitary enterprises:

• State;

  Municipal.

Depending on the chosen organizational and legal form, enterprises can be created in different ways, use different amounts of authorized capital, different ways of mobilizing additional resources and guaranteeing the interests of creditors. General partnership – a voluntary association of individuals or legal entities that are engaged in entrepreneurial activities in accordance with the constituent agreement concluded between them and are responsible for the property belonging to them. The authorized capital is created through the contributions of participants and is a joint capital. Participants in a general partnership bear full responsibility for the obligations of the partnership. Profits (losses) are distributed among its participants in proportion to their share in the share capital. Limited partnership (limited partnership) – a partnership in which participation is expected in addition to the full participants of the partnership, participant-investors (limited partners). The procedure for its formation is similar to the procedure for its formation in a general partnership. Management of the partnership's activities is carried out only by general partners; investors do not take part in management, but are a kind of investors. They participate in the profits of the partnership in accordance with their share in the share capital and in accordance with the constituent agreements. OOO – a legal entity established by one or more persons, the authorized capital of which is divided into shares. The participants of an LLC, unlike other forms, are not liable for its obligations, and do not bear the risk of losses associated with the activities of the company solely within the value of the share contributed by them. JSC – represents a voluntary pooling of funds from individuals and legal entities or shareholders, each of whom is financially responsible for the results of the JSC’s activities within the limits of the nominal value of the shares owned by it. Peculiarity OJSC consist in the fact that the formation of the authorized capital is carried out through the sale of shares in the form of open subscription and free circulation of shares on the market. Company distributes its shares only among its founders, i.e. by closed subscription. In addition, shareholders of a closed joint stock company have a preemptive right to purchase shares sold by other shareholders. ODO - this is a business company established by one or more persons, the authorized capital of which is divided into shares of sizes determined by the constituent documents; participants bear joint liability for its obligations with their property in the same multiple of the value of their contributions. In the event of bankruptcy of one of the participants, his additional liability for the obligations of the company is distributed among the remaining participants in proportion to their contributions. Production cooperative – a voluntary association of citizens on the basis of membership for joint production or economic activities (production, processing, marketing of industrial, agricultural or other products, performance of work, trade, consumer services, provision of other services), based on their personal labor and other participation and its association members (participants) of property shares. Unlike business societies and partnerships, joint production or other economic activities of a cooperative must be based on membership and the personal labor participation of its members, while personal labor participation is not mandatory for business companies and partnerships. Profits are distributed among PC members in accordance with their labor participation. A legal entity can also be a participant in a production cooperative. Unitary enterprises - this is an organization that is not vested with the right of ownership of the property assigned to it by the owner (metro). The State Property Committee of the Russian Federation has adopted a classification of unitary enterprises based on the right of economic management. Enterprise with the right of operational management – a unitary enterprise, based on the right of economic management, is established by authorized bodies of state or municipal government, which presupposes state or municipal ownership of the property of the unitary enterprise. It is obliged to answer for obligations arising from its production and commercial activities with all the property belonging to it, but at the same time is not liable for the obligations of the owner of the property. The decision is made by the government of the Russian Federation. The property of the enterprise is in state ownership.

Finance of agricultural enterprises

Agricultural production, by its nature, differs from other sectors of the economy in that it produces products of animal and plant origin and uses land in the labor process as the main, irreplaceable means of production. Therefore, reproduction in agriculture and the functioning of finances of agricultural enterprises have a number of features that are determined by natural-climatic and natural-biological conditions, technological factors and socio-economic relations. These features can be grouped:

Natural-climatic and natural-biological:

1.1. Soil and climatic features determine:

Zonal specialization;

Duration of working periods in production;

Differences in farm productivity and profitability;

Differentiation in cost and profitability of individual types of products;

The turnover rate of working capital is significantly lower due to biological and climatic factors.

1.2. Weather conditions influence the following factors:

Time and pace of work;

Volume and quality of products;

There is no depreciation charged on land and the cost of land does not participate in the formation of the cost of finished products in agriculture;

The land has different fertility, as a result, additional income in the form of rent is generated in certain areas and it affects the final financial result of the activity.

1.3. Natural biological (natural) cycle of development of plants and animals: - circulation of financial resources (from harvest to harvest), seasonality of production affects financial results, and the financial results themselves are determined only in the 4th quarter (at the end of the year), and this leads to the fact that farms are forced to create insurance and reserve funds; - the seasonality of production leads to the fact that the largest share in the sources of financing working capital is borrowed funds.

Technological and organizational:

- the combination of two complementary industries - crop production and livestock production - necessitates separate planning, accounting and financing for these sectors; - agriculture is characterized by a certain composition of fixed assets. For livestock enterprises, the main place in the composition of fixed assets is occupied by working and productive livestock; - the presence of on-farm turnover of most of the agricultural products necessary to ensure the continuity of the production cycle. This part of the product, although it receives a valuation, does not enter the sales process (seeds, feed, young animals). As a result, all produced products are divided into 2 parts: marketable products (to be sold) and non-commercial products (remained for consumption within the farm). As a result of division, sales revenue is received only from the sale of marketable products, hence there are more costs, and revenue comes only from the sale of marketable products.

Socio-economic:

3.1. Ownership:

State agricultural enterprises;

Municipal agricultural enterprises;

Public associations;

Private agricultural enterprises (peasant farms);

Agricultural enterprises of mixed forms of ownership.

3.2. Organizational and legal forms of business:

Joint-stock enterprises;

Cooperative enterprises (collective farms, agricultural cooperatives, collective agricultural enterprises).

Construction finance

The economic content of finance in capital construction, as well as the functions and basic principles of their organization, are similar to those that exist in industry. However, there are specifics in the organization of finance, due to the technical and economic characteristics of this industry.

There are two entities involved in construction production - customer and contractor . In this regard, there are two types of finance in construction: the finances of the contractor and the finances of the construction customer.

Customer finances represent a set of funds intended to finance costs of newly created, reconstructed and updated fixed assets . The sources of formation of these funds from the customer are:

Depreciation;

Net profit;

Profit and savings from reducing the cost of construction and installation work performed in an economic way;

Mobilization of internal resources in construction; long-term bank loans; budget allocations;

Other sources.

The construction of specific objects is carried out by a construction organization on contractual terms upon request of the investor. Financing of construction is carried out within the estimated cost established on the basis of contracts.

For each object, the cost of construction is determined. Even with standard construction, the cost of the object, as a rule, is exclusively its own. This is due to the fact that the zero cycle (construction of the foundation) is different in each specific case due to its attachment to the area.

The nature of construction and installation work determines varying degrees of material and labor intensity of the work performed at individual technological stages of construction, which determines the uneven need for working capital (the start of construction and installation work and finishing work).

The duration of the construction of the facility causes the presence of a large volume of work in progress, covered by the working capital of the contracting organization, therefore the largest share in the structure of working capital is occupied by work in progress. Revenue from delivery of completed work to the customer (for finished construction products) is received unevenly.

Finance of trade organizations

Trade is a branch of the economy that completes the production process, because brings products to the end consumer.

The specificity of finance in the sphere of commodity circulation is that trading enterprises, being the link between the production of products and their consumption, contribute to the completion of the circulation of the social product in commodity form and thereby ensure its continuity. Therefore, the financial condition of trading organizations depends on how distribution costs are carried out depending on the duration of the sale of goods to the buyer. Trade organizations as independent economic entities of the market are divided into two types: wholesale trade enterprises and retail trade enterprises, which have their own characteristics in the formation of financial resources.

No new value is created in trade. The number of goods received into the trading network from suppliers does not increase, but their cost increases as a result of the labor spent on their storage and sale. Through trade, the process of production continues in the sphere of circulation. This is due to the fact that production is considered completed only when the finished product has found its consumer.

In the structure of fixed assets, the share of trade and industrial purposes accounts for up to 80%; in the structure of working capital, up to 90% is occupied by inventory and shipped goods.

An important feature of trade finance is that in this industry the task of cost saving is set differently. The financial condition of a trading enterprise largely depends on the optimal size of distribution costs and the time it takes to sell goods to customers, hence an important financial indicator of the trading enterprise’s activity is the turnover rate of working capital. Trade must sell goods to the buyer at optimal costs and in a short time, therefore an important financial indicator of the activity of a trading enterprise is the speed of turnover of funds, i.e. the period of time from receipt of goods by a trading enterprise to its sale to the buyer. However, savings in distribution costs should not lead to a deterioration in the quality of customer service.

In trade, unlike other industries, money circulation is carried out primarily in cash, therefore an important task in the field of financial organization is the organization of cash management, control over the collection of proceeds (up to 80% of all cash receipts to the bank are from trading enterprises) and the correct use of that part of the proceeds that remains for the trading enterprise.

The proportion of employees who are materially responsible persons and bear personal responsibility for the safety and use of material assets and funds is large. This implies the need to maintain systematic and strict control; there are different forms of financial control.

Finance of transport enterprises

The specifics of the organization of transport finance are based on the characteristics of its economy and the organization of production and management, determined by the production process.

Transport as a branch of the economy has the following features: - transport products do not have a material form (transport only moves goods and products created in other sectors of the economy); - transport does not own the subject of its labor - the goods transported, it belongs to the senders and recipients of the goods; - prices for transport products are based on tariffs for freight and passenger transportation; - transport products cannot be accumulated by putting them into reserve, therefore transport cannot operate without a reserve of locomotives and cars and must take into account the capacity on the roads; - the means of production in transport do not contain raw materials, the cost of which is very significant in industrial enterprises.

Like any production process, transport consists of successive stages (loading goods into rolling stock (boarding passengers); moving goods and passengers between points of departure and destination; unloading goods from rolling stock (disembarking passengers) at the destination).

The efficiency of the transport process and its continuity largely depend on the consistency of the duration of each stage over time. During transportation, elements of the transport process for each unit of rolling stock are constantly repeated. This circumstance determines the cyclical nature of the transport process. The cycle duration is the sum of the time spent completing all stages of the transport process. Reducing the duration of this cycle is a common factor in increasing labor productivity in transport and reducing transportation costs.

An enterprise (firm) is an independent (separate) entity, which first of all means freedom in making economic decisions. However, any decision regarding the activities of an enterprise is made taking into account the results of an analysis of the internal and external environment.

Internal environmentcompanies- this is the enterprise’s own economy, covering all components of its activities; production processes, product sales, financial, material and personnel support, - management system.

External environmentcompanies- this is the economic, legal and social environment in which the enterprise operates, being part of the national economy. The external environment of the company can be schematically represented as follows (Fig. 1).

Rice. 1. External environment of the enterprise (company)

The business sector of the national economy usually includes a huge number of firms, which for the purposes of economic analysis are grouped according to a number of essential characteristics. The most common classifications are based on forms of ownership, size, nature of activity, industry, dominant factor of production, and legal status.

By type of ownership enterprises are divided into:

· private enterprises, which can exist either as completely independent, independent firms, or in the form of monopolistic associations and their components. Private companies can also include those firms in which the state has a share of capital (but not a predominant one);

· state enterprises, by which are meant both purely state-owned, in which capital and management are completely owned by the state, andmixed, where the state owns the majority of capital or plays a decisive role in management. According to the recommendation of the Organization for Economic Co-operation and Development (OECD), enterprises in which government bodies own the majority of the capital (over 50%) and/or those that are controlled by them (through government officials working at the enterprise) should be considered state-owned enterprises;

· mixed enterprises sometimes occupy a significant place in the economic life of the country. For example, in Russia at the end of the 90s. the state retains a stake in many privatized enterprises (these enterprises employ a quarter of all employees).

By size enterprises are divided into small, medium And large, based on two main parameters: number of employees and volume of production (sales).

In terms of number, small enterprises usually predominate (in Russia they account for about 1/2 of the total number of enterprises).

Different countries define a small business differently. According to the Law “On State Support of Small Businesses in the Russian Federation” of June 14, 1995 in our country, these include those enterprises where the average number of employees does not exceed 30 people - in retail trade and consumer services, 50 people - in wholesale trade, 60 people - in the scientific and technical sphere, agriculture and 100 people - in transport, construction and industry.

Classification of companies by nature of activity involves dividing them into producing material goods(consumer or investment goods) and services.

This classification is close to the classification of an enterprise by industry , which divides them into industrial, agricultural, trade, transport, banking, insuranceetc.

Classification of enterprisesbased on the dominant factor of production highlights labor-intensive, capital-intensive, material-intensive, knowledge-intensive enterprises.

Legally status (organizational and legal forms) in Russia, the following types of enterprises are distinguished according to the Civil Code of the Russian Federation:

· individual entrepreneurs

· business partnerships and societies;

· production cooperatives;

· state and municipal unitary enterprises;

· non-profit organizations(including consumer cooperatives, public and religious organizations and associations, foundations, etc.). (Fig. 2).

Rice. 2. Organizational and legal forms of enterprises in Russia

Individual entrepreneurs. If an individual citizen is engaged in entrepreneurial activity, but without forming a legal entity (for example, organizes his own farm), then he is recognized as an individual entrepreneur. An individual entrepreneur bears unlimited property liability for obligations.

Under contract simple partnership (agreement on joint activity) two or more persons (partners) undertake to pool their contributions and act together without forming a legal entity to make a profit or achieve another goal that does not contradict the law. The parties to such an agreement can only be individual entrepreneurs and/or commercial organizations.

General partnership . A general partnership is recognized as a partnership whose participants (general partners), in accordance with the agreement concluded between them, engage in entrepreneurial activities on behalf of the partnership and are liable for its obligations with the property belonging to them. The management of the activities of a general partnership is carried out according to general agreement all participants. As a rule, each participant in a general partnership has one goalOS. Participants in a general partnership jointly and severally bear subsidiary liability the property belonging to them for the obligations of the partnership, i.e. all your property, including personal.

General partnerships are concentrated mainly in agriculture and the service sector and are, as a rule, small-sized enterprises, the activities of which are quite easily controlled by their participants.

Partnership of faith. A limited partnership is a partnership in which, along with the participants who carry out business activities on behalf of the partnership and are liable for the obligations of the partnership with their property ( complete comrades), there is one or more participant-investors (limited partners), who bear the risk of losses associated with the activities of the partnership, within the limits of the amounts of contributions made by them and do not participate in the implementation of business activities by the partnership. Since this legal form allows one to attract significant financial resources through an almost unlimited number of limited partners, it is typical for larger enterprises.

Limited Liability Company (OOO). Such a company is recognized as a company founded by one or several persons, the authorized capital of which is divided into shares of sizes determined by the constituent documents. The participants of an LLC are not liable for its obligations and bear the risk of losses associated with the activities of the company, within the value of the contributions they made. The authorized capital of an LLC is made up of the value of the contributions of its participants. This legal form is most common among small and medium-sized enterprises.

Company with additional liability (ODO) a company founded by one or several persons is recognized, the authorized capital of which is divided into shares of sizes determined by the constituent documents; Participants of such a company jointly and severally bear subsidiary liability for its obligations with their property in the same multiple of the value of their contributions, determined by the constituent documents of the company. In the event of bankruptcy of one of the participants, his liability for the obligations of the company is distributed among the remaining participants in proportion to their contributions, unless a different procedure for the distribution of liability is provided for by the constituent documents of the company.

Joint-Stock Company (AO). A joint stock company is a company whose authorized capital is divided into a certain number shares. JSC participants ( shareholders) are not liable for its obligations and bear the risk of losses associated with the activities of the company, within the limits of the value of the shares they own.

A joint stock company whose participants can alienate their shares without the consent of other shareholders, admits open (JSC). Such a joint-stock company has the right to subscribe for shares issued by it and to sell them freely under the conditions established by law. An open joint-stock company is obliged to annually publish for public information an annual report, balance sheet, and profit and loss account.

Joint stock company whose shares are distributed onlyamong its founders orothera predetermined circle of people, admits closed (COMPANY).

The constituent document of a joint-stock company is its charter

Authorized capital JSC is made up of the par value of the company's shares acquired by shareholders.

The supreme management body of the joint-stock company is General Meeting of Shareholders.

Advantages of the joint-stock form of organization of enterprises are:

· the ability to mobilize large financial resources;

· the ability to quickly transfer funds from one industry to another;

· the right to freely transfer and sell shares, ensuring the existence of the company regardless of changes in the composition of shareholders;

· limited liability of shareholders;

· separation of ownership and management functions.

The legal form of a joint stock company is preferable for large enterprises where there is a great need for financial resources.

Producer cooperatives

Production cooperative(artel) recognizes a voluntary association of citizens on the basis of membership for joint production activities based on their personal labor and other participation in the association of its members (participants) of property share contributions. The production cooperative is commercial organization. Its founding document is charter, approved by the general meeting of members of the cooperative. The number of members of the cooperative should not be less than five. The property owned by the production cooperative is divided into shares its members in accordance with the charter of the cooperative. The cooperative does not have the right to issue shares. A cooperative member has one vote when making decisions at the general meeting.

State And municipal unitary enterprises

Unitary enterprise called a commercial organization that is not vested with the right of ownership to the property assigned to it by the owner. Besides this property is indivisible, i.e. cannot be distributed among deposits (shares, shares), including among employees of the enterprise. In Russia, in the form of unitary enterprises, there are only government And municipal enterprises. They manage, but do not own, the state (municipal) property assigned to them. If such an enterprise is based on lawoperational management federal property, i.e. managed by government agencies, it is called a federal government enterprise. All other unitary enterprises are enterprises based on the right of economic management.

Non-profit organizations

Non-profit organizations include consumer cooperatives, public and religious organizations, foundations.

Consumer cooperative a voluntary association of citizens and legal entities on the basis of membership is recognized in order to satisfy the material and other needs of the participants, carried out by combining its members with property shares. Typically, a consumer cooperative provides its members with certain consumer goods.

Public and religious organizations (associations) voluntary associations of citizens who have united in accordance with the procedure established by law are recognized based on the commonality of their interests to satisfy spiritual and other non-material needs.