There are several key components that contribute to its structure and functioning. These include:

1. Hierarchy: Formal organizations typically have a clear chain of command and a hierarchical structure. This means that there are different levels of authority, with each level having a specific set of responsibilities and decision-making power.

2. Division of labor: Formal organizations divide tasks and responsibilities among different individuals or groups based on their skills, expertise, or job roles. This ensures that each member knows their specific role and contributes to the organization's overall goals.

3. Rules and regulations: Formal organizations have established rules, policies, and procedures that guide the behavior and actions of their members. These rules help maintain order, provide clarity, and ensure consistency in decision-making and operations.

4. Communication channels: Formal organizations have established communication channels that facilitate the flow of information and coordination among members. This can include hierarchical communication (top-down or bottom-up), as well as horizontal communication between individuals or departments.

5. Specialization and expertise: Formal organizations often recruit individuals with specialized knowledge and skills to perform specific tasks or roles. This allows for efficient and effective performance of tasks, as well as the ability to adapt to changing circumstances.

6. Standardization: Formal organizations often strive for standardization in their processes, procedures, and products. This helps ensure consistency, quality control, and efficiency in their operations.

7. Accountability: Formal organizations typically have mechanisms in place to hold individuals accountable for their actions and performance. This can include performance evaluations, feedback systems, and disciplinary measures.

Overall, the structure and functioning of a formal organization are designed to facilitate goal achievement, coordination, and efficiency through clear roles, rules, communication, and accountability mechanisms.