Forms of Business Organisation
Bihar Board · Class 11 · Business Studies
Flashcards for Forms of Business Organisation — Bihar Board Class 11 Business Studies. Quick Q&A cards covering key concepts, definitions, and formulas.
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Define Sole Proprietorship and explain what the terms 'sole' and 'proprietor' mean.
Answer
Sole proprietorship is a form of business organisation owned, managed and controlled by an individual who is the recipient of all profits and bearer of all risks. 'Sole' means 'only' and 'proprietor' …
What is unlimited liability in sole proprietorship? Explain with an example.
Answer
Unlimited liability means the owner is personally responsible for payment of debts if business assets are insufficient. The owner's personal possessions can be sold to repay business debts. Example: I…
List any four advantages of sole proprietorship.
Answer
1. Quick decision making - No need to consult others, leading to timely capitalisation of opportunities 2. Confidentiality - Can maintain secrecy about business operations 3. Direct incentive - Sole r…
What are the major limitations of sole proprietorship?
Answer
1. Limited resources - Restricted to personal savings and limited borrowing capacity 2. Limited life - Business affected by death, illness, or bankruptcy of owner 3. Unlimited liability - Personal ass…
Define Joint Hindu Family Business and explain who is the 'karta'.
Answer
Joint Hindu Family Business is a form of organisation where business is owned and carried on by members of a Hindu Undivided Family (HUF), governed by Hindu Law. The 'karta' is the head of the family …
What is the liability structure in Joint Hindu Family Business?
Answer
In Joint Hindu Family Business: - Karta has unlimited liability (personally responsible for all business debts) - All other members (coparceners) have limited liability restricted to their share of co…
Define Partnership according to the Indian Partnership Act, 1932.
Answer
According to the Indian Partnership Act, 1932, partnership is 'the relation between persons who have agreed to share the profit of the business carried on by all or any one of them acting for all.' Ke…
Explain the concept of 'Mutual Agency' in partnership.
Answer
Mutual Agency means every partner is both an agent and a principal. As an agent, each partner represents other partners and can bind them through his acts. As a principal, each partner can be bound by…
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