Various Business Entities — Chapter Summary
ICSE · Class 12 · Business Studies
Summary of Various Business Entities for ICSE Class 12 Business Studies. Part of the ICSE Class 12 Business Studies syllabus.
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Overview
Business ownership in this chapter is divided into ownership by one person and ownership by a group of persons. A sole proprietorship is owned and controlled by one person. Partnership, private limited company, and public limited company are forms owned or controlled by a group of persons. Each form
Key Concepts
A sole proprietorship is a business
A sole proprietorship is a business owned, controlled, and managed by one person. The sole proprietor supplies capital, bears all risks, and receives
Main features include one
Main features include one-man control, no separate legal entity, small scale of operation, freedom of operation, simple formation and closure, unlimit
Partnership is an association of two
Partnership is an association of two or more persons who agree to carry on a lawful business together and share profits and losses. The persons are ca
Main features include agreement between partners
Main features include agreement between partners, lawful business, contractual relationship, profit motive, and principal-agent relationship. The mini
A partnership deed is the written
A partnership deed is the written legal agreement that lays down the rights, duties, profit-sharing ratio, capital contribution, and other terms of th
Learning Objectives
- Understand the meaning and definition of sole proprietorship
- Understand the meaning and definition of partnership
- Compare partnership with sole proprietorship
- Understand the meaning and definition of private limited company
- Understand the meaning and definition of public limited company
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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