Advertisements
Advertisements
Question
Distinguish between Proprietorship and Joint Hindu Family Firm
Distinguish Between
Solution
|
Sr. No. |
Basis of Difference |
Proprietorship |
Joint Hindu Family Firm |
|
1.
|
Meaning |
It is a form of commercial organization which is owned and managed by a single person. |
It is a form of commercial organization. The ancestral (family) business is conducted by the family members of Joint Hindu Family. |
|
2. |
Membership |
There cannot be more than one owner. |
There is no maximum limit on membership. |
|
3. |
Ownership |
The business assets and properties are owned by the proprietors. |
All the family members are joint owners of business properties. |
|
4. |
Liability |
The liability of sole trader is unlimited. |
Karta’s liability is unlimited. Co-parcener’s liability is limited. |
|
5. |
Financial Resources |
The financial resources are available. |
The funds are more than that of a proprietor. |
|
6. |
Stability |
It lacks stability since the existence of sole trading concern depends upon the survival of the sole trader. |
It is comparatively more stable since after the death of Karta, the next senior family member takes over Karta’s passion and run the business. |
|
7. |
Profit& Loss |
All the profit of the concerned belong to the sole trader and all losses are to be borne by him. |
The profit and losses are shared by all the co-parceners |
shaalaa.com
Concept of Sole Proprietorship Or Sole Trader
Is there an error in this question or solution?
APPEARS IN
RELATED QUESTIONS
| Group'A' | Group 'B' | ||
| a | Sole trader | 1 | Insurable interest |
| b | Life insurance | 2 | Branch of Social Science |
| c | Business ethics | 3 | Local market |
| d | Henry Fayol | 4 | Father of scientific management |
| e |
Planning |
5 | Principle of indemnity |
| 6 | Father of modern management | ||
| 7 | Primary function of management | ||
| 8 | To earn profit | ||
| 9 | Last function of management | ||
| 10 | National market |
Sole Trading Concern and Partnership Firm
Functions of Lower Level Management.
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.
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.
Write a word or a phrase or a term which can substitute the following.
An artificial person created by law.
Distinguish between the following.
Sole Trading concern and partnership firm.
State Whether the Following Statement Are True Or False (Give Reason)
Business secrecy cannot be maintained in a Sole Trading Concern.
What do you understand by a sole proprietorship firm?
The structure in which there is a separation of ownership and management is called
Profits do not have to be shared. This statement refers to
Define sole proprietorship.
Define the following business entities:
Sole Proprietorship
