Forms of Business Organization

Sponsor Area

Question
CBSEENBS11003815

Give the meaning of a sole proprietorship organization.

Solution

Sole proprietorship is the form of business which is owned, managed and controlled by an individual. 
According to S. R. Davar, 'The sole trader is a person who carries on business of his own, that is, without the assistance of a partner. He brings in his own capital and uses all his labour.'.

Sponsor Area

Question
CBSEENBS11003816

What is the meaning of a Joint Hindu Family business.

Solution

It is a form of business, which is owned by the members of a Joint Hindu Family under the control of 'Karta'.

Question
CBSEENBS11003817

Can a minor become a member of Joint Hindu Family?

Solution

Yes. A minor can become the member of Joint Hindu Family Business.

Tips: -

Important

Question
CBSEENBS11003818

What is the meaning of Partnership organization?

Solution

A Partnership organization is one that is formed through an agreement between two or more partners, with an objective to achieve profitability of business carried on jointly by all or anyone of them acting for all.