Forms of Business Organisations
NIOS · Class 12 · Business Studies
Flashcards for Forms of Business Organisations — NIOS Class 12 Business Studies. Quick Q&A cards covering key concepts, definitions, and formulas.
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Get startedWhat is a business organisation?
Answer
A business organisation is an arrangement where various resources (men, money, materials, machines, methods, and technology) are brought together and systematically managed to carry out business activ…
Define Sole Proprietorship and give one characteristic.
Answer
Sole Proprietorship is a form of business organisation where a single individual owns, manages, and controls the entire business, taking all profits and bearing all losses. A key characteristic is tha…
What are the two main limitations of sole proprietorship that restrict business expansion?
Answer
The two main limitations are: (1) Limited Resources - A sole proprietor can only raise capital from personal sources, borrowing from friends/relatives, or bank loans, making it difficult to accumulate…
Why does unlimited liability of a sole proprietor serve as both a risk and a responsibility?
Answer
Unlimited liability means if a sole proprietor's business cannot pay its debts from business assets, the creditors can claim the proprietor's personal property (house, vehicles, savings, etc.) to reco…
List three merits of sole proprietorship form of business.
Answer
Three merits are: (1) Easy to Start and Wind Up - No legal formalities required; can start with minimal registration and close anytime the proprietor decides. (2) Quick Decision and Prompt Action - Th…
When is sole proprietorship the most suitable form of business organisation?
Answer
Sole proprietorship is most suitable in these situations: (1) Limited, localised markets where customers value personal attention (like a local grocery shop or neighbourhood tailor). (2) Low capital r…
What is Partnership? Provide the legal definition according to the Indian Partnership Act.
Answer
Partnership is an association of two or more persons who pool their financial and managerial resources to carry on a business and share its profits or losses as agreed. According to Section 4 of the I…
What is a partnership deed and what are five essential items it must contain?
Answer
A partnership deed (or agreement) is a written document that outlines the rights and responsibilities of all partners. Five essential items it must contain are: (1) Names and addresses of all partners…
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