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प्रश्न
Write short note on the following.
Features of partnership firm.
संक्षेप में उत्तर
टिप्पणी लिखिए
उत्तर १
Features of a partnership firm:
i. Risk bearing: The risk associated with the fluctuations in the firm’s profits is borne jointly by the partners.
ii. Decision making and control: In a partnership firm, decisions are jointly taken by the partners. Also, the operations are controlled jointly by the partners.
iii. Unlimited liability: In a partnership firm, all the partners have unlimited liability. That is, all the partners are liable for the debts of the firm to an unlimited extent.
iv. Agreement: A partnership requires an agreement (either oral or written) between two or more partners.
v. Number of members: In a partnership firm, the minimum and maximum numbers of members are 2 and 20, respectively. However, for a banking business, the maximum number of members is 10.
vi. Continuity: According to the Partnership Act, the death, lunacy, insolvency or insanity of any of the partners ends the partnership.
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उत्तर २
The following are the five features of a partnership firm:
i. Easy formation: A partnership firm requires an agreement (oral or written) among the members on the share of profits and losses.
ii. Unlimited liability: In a partnership, all partners have unlimited liability. That is, all partners are liable for the debts of the firm to an unlimited extent.
iii. Risk bearing: The risk associated with the fluctuations in the firm’s profits is borne jointly by the partners. This reduces the burden on each partner.
iv. Sharing of decision making and control: In a partnership firm, the decision making and control are jointly shared by the partners.
v. Number of members: In a partnership business, the minimum number of members is 2 and the maximum number of members is 20. However, for a banking business, the maximum number of members is 10.
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Concept of Sole Proprietorship Or Sole Trader
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संबंधित प्रश्न
‘One man show’ type of business organization.
Sole trading concern and Partnership firm .
A sole trading concern ensures ______________ business secrecy.
Match the pairs :
|
Group 'A' |
Group 'B' |
||
| (a) | Sole trader | (1) | Compensation upto Rs 20 lacs |
| (b) | Globalisation | (2) | Minimum two members |
| (c) | District Forum | (3) | Dr. Deming |
| (d) | Private company | (4) | Regional market |
| (e) | Total Quality Management | (5) | F. W. Taylor |
| (6) | Minimum seven members | ||
| (7) | Maximum secrecy | ||
| (8) | Compensation more than Rs 20 lacs | ||
| (9) | International market | ||
| (10) | Minimum secrecy | ||
Sole Trading Concern and Partnership
Select the proper option from the options given below and rewrite the completed sentence.
A sole proprietorship has ________ owner/owners.
Select the proper option from the options given below and rewrite the completed sentence.
A proprietor has ________ liability.
Match the correct pairs.
Write a word or a phrase or a term which can substitute the following.
The owner is the sole manager and decision maker of his business.
State Whether the Following Statement Is True Or False (Give Reason).
A sole trader can take prompt decisions and quick actions.
State Whether the Following Statement Are True Or False (Give Reason)
A sole trader has weak bargaining power.
State Whether the Following Statement Are True Or False (Give Reason)
Business secrecy cannot be maintained in a Sole Trading Concern.
State Whether the Following Statement Are True Or False (Give Reason)
Sole Trading Concern is convenient and suitable when the market of goods is local.
The structure in which there is a separation of ownership and management is called
In a cooperative society, the principle followed is
The capital of a company is divided into a number of parts each one of which is called
Define sole proprietorship.
