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प्रश्न
Distinguish between the following.
Sole Trading concern and partnership firm.
उत्तर
| Basis of Difference |
Sole Trading Concern | Partnership Firm |
| Formation | Formed at the will of the owner. |
Formed with a mutual agreement (oral or written) among the partners. |
| Management and control |
Managed and controlled solely by the owner. |
Management and control of ownership are shared by the partners. |
| Sharing of profits and losses |
Profits and losses belong to the owner. |
Profits and losses are shared among the partners in a predecided ratio. |
| Number of members | Only one member (owner) runs it. |
Minimum-2, Maximum (in case of a banking business)- 10, Maximum (in case of ordinary business)- 20. |
| Governance | There is no regulating act to govern it. |
It is governed by the Indian Partnership Act 1932. |
| Decision making | Decision making is rapid, as all the decisions are taken by the sole proprietor. |
Decision making is relatively delayed, as it requires the consent of all partners. |
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संबंधित प्रश्न
Features of sole trading concern.
Distinguish between Proprietorship and Joint Hindu Family 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 | ||
Select the proper option from the options given below and rewrite the completed sentence.
A proprietor has ________ liability.
Select the proper option from the options given below and rewrite the completed sentence.
A sole trading concern ensures ________ business secrecy.
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.
What do you understand by a sole proprietorship firm?
Despite limitations of size and resources, many people continue to prefer sole proprietorship over other forms of organisation. Why?
Kiran is a sole proprietor. Over the past decade, her business has grown from operating a neighbourhood corner shop selling accessories such as artificial jewellery, bags, hair clips and nail art to a retail chain with three branches in the city. Although she looks after the varied functions in all the branches, she is wondering whether she should form a company to better manage the business. She also has plans to open branches countrywide.
(a) Explain two benefits of remaining a sole proprietor
(b) Explain two benefits of converting to a joint stock company
(c) What role will her decision to go nationwide play in her choice of form of the organisation?
(d) What legal formalities will she have to undergo to operate business as a company?
The structure in which there is a separation of ownership and management is called
The Karta in Joint Hindu family business has
In a cooperative society, the principle followed is
The board of directors of a joint-stock company is elected by
The capital of a company is divided into a number of parts each one of which is called
Provision of residential accommodation to the members at reasonable rate is the objective of
A partner whose association with the firm is unknown to the general public is called
Define the following business entities:
Sole Proprietorship
