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Forms of business organisation
Member rating: No Rating | Words: | Submitted: Tue Aug 12 2003
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1) FORMS OF BUSINESS ORGANIZATION a) Sole proprietorship: in this business is run by only by one man and the profits and losses are taken by him only. In this case, resources are scarce which may act as a hindrance for the profit of the business. The liability is unlimited and it is easy to form such a enterprise as only one person owns the business. b) Partnership firm: such a category involves two or more people to form a organization. The liability is unlimited and it doesn't involve many legal issues in its formation. c) Note: acc. to the partnership act of India, 1956, there is no limit on the no. of people who can form such organization. But acc. to the co. act, the limit for the banking sector is just 10 people and for any other business organization, the limit is 20 people. d) Joint Stock Company: such business organization is...
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