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Forms Of Business Organization

Question

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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.'.

Some More Questions From Forms of Business Organization Chapter

Define partnership deed.

What do you understand by co-operative society?

Define company.

What do you understand by a Private Company?

What do you understand by a Public Company?

Under what circumstances, is a partnership form of business organisation suitable ?

Write a short note on 'implied agency', one of the important characteristics of partnership and also true test of partnership.

Would you say that the sole proprietorship involves a lengthy and expensive procedure for its registration?

Explain whether the liability of a sole proprietorship is limited to the extent of his share in business.

Only the Karta has unlimited liability in HUF. Explain.

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