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Forms Of Business Organization
Question
Define company.
Solution
- The company comes from a Latin word 'Companies' which stands for taking food together in a gathering.
- In ancient times businessmen used to discuss all of their business matters while taking their food together.
- In modern times the meaning of company is different. Few people come together and form a company according to law.
- A company is a different entity from its members. In a company, capital comes from several people, thus, it is known as a joint stock company.
- The people who invest in a company are its members.
- A company runs a business as an independent entity, it is responsible for all of its liabilities, that is why a company is considered as an artificial person created by law.
Some More Questions From Forms of Business Organization Chapter
Can a minor become a member of Joint Hindu Family?
What is the meaning of Partnership organization?
Can a Partnership firm have a minor partner ?
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.
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