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Forms Of Business Organization

Question

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How does the aim of cooperative society differ from that of a company? Discuss.

Solution

A cooperative society is a voluntary association of persons, who join together with the motive of welfare of its members. The aim of cooperative society is to build on the values of mutual help and welfare.

In comparison to cooperative society, a company is an association of persons formed for carrying out business and has a legal status independent of its members. The aim of joint stock company is to maximise profit.

Some More Questions From Forms of Business Organization Chapter

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.

Define 'Partner by Holding Out'.

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