Compare the status of a minor in a Joint Hindu Family Business with that in a partnership firm.
A minor becomes a member of Joint Hindu Family Business by virtue of his birth. On the other hand, in partnership, minor can be a partner only in profits.
X is interested in the floatation of a company. Briefly discuss the steps he should take.
Compare the status of a minor in a Joint Hindu Family Business with that in a partnership firm.
What do you mean by incorporation of a company? What are the steps involved in corporation of a company?
Discuss the characteristics, merits and limitations of the cooperative form of organization. Also describe briefly different types of cooperative societies.
For which of the following types of business do you think a partnership firm of organization would be more suitable, and why?
(i) Grocery store (ii) Medical store
(iii) Legal consultancy (iv) Craft centre
(v) Internet cafe (vi) Chartered accountancy firm
Is registration of partnership firm compulsory? What are the consequences of non-registration?
What do you understand by a.sole proprietorship firm? Explain its merits and limitations.
Despite limitations of size and resources, many people continue to prefer sole proprietorship over other forms of organization. Why?
For which of the following types of business do you think a sole proprietorship firm of organization would be more suitable, and why?
(i) Grocery store (ii) Medical store
(iii) Legal consultancy (iv) Craft centre
(v) Internet cafe (vi) Chartered accountancy firm
Explain the following terms in brief:
(i) Perpetual succession (ii) Common seal
(iii) Karta (iv) Artificial person
If registration is optional, why do partnership firms willingly go through this legal formality and get themselves registered? Explain.
Why is partnership considered by some to be a relatively unpopular form of business ownership? Explain the merits and limitations of partnership.
Differentiate between: