Business Studies

Forms of Business Organisation

Question:

Explain procedure of registering a partnership firm.

Answer:

Procedure for Registration: In order to get a partnership firm registered an application in the prescribed form must be filed with the Registrar of Firms. The application should contain the following information:

  1. The name of the firm,
  2.  The principal place of business of the firm,
  3. Names of other places where the firm's business is carried on,
  4. Names in full and permanent addresses of the partners,
  5. The date on which each partner joined the firm,
  6.  Duration of partnership, if any.

The application should be signed and verified by each partner. A small amount of registration fee is also deposited along with the application. The application is to be submitted to the Registrar for registration of the firm for its verification.
If everything is in order and all legal formalities have been observed, the Registrar shall make an entry in the register of firms. He will also issue a certificate of registration.
Any change in the information submitted at the time of registration, should be communicated to the Registrar. Registration does not provide a legal entity to the partnership firm.

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Forms of Business Organisation

Q 1.

X is interested in the floatation of a company. Briefly discuss the steps he should take.

Q 2.

What is the role of Karta in Joint Hindu Family business?

Q 3.

Compare the status of a minor in a Joint Hindu Family Business with that in a partnership firm.

Q 4.

What is meant by ˜partner by estoppel'? Explain.

Q 5.

Define promoter. What are the functions of a promoter?

Q 6.

Explain meaning, features, merits and demerits of Sole Proprietorship.

Q 7.

Explain procedure of registering a partnership firm.

Q 8.

Explain different types of partners.

Q 9.

Explain procedure of registering a partnership firm.

Q 10.

Explain meaning, features, merits and demerits of partnership firm.

Q 11.

What are the steps required for raising funds from public?

Q 12.

What do you mean by incorporation of a company? What are the steps involved in corporation of a company?

Q 13.

Explain meaning, features, merits and demerits of joint stock company.

Q 14.

Discuss the characteristics, merits and limitations of the cooperative form of organization. Also describe briefly different types of cooperative societies.

Q 15.

State the important privileges available to a private company.

Q 16.

Define Articles of Association. What are its contents?

Q 17.

Is registration of partnership firm compulsory? What are the consequences of non-registration?

Q 18.

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

Q 19.

Explain the contents of Memorandum of Association.

Q 20.

Distinguish between a Joint Hindu family business and partnership.

Q 21.

What do you understand by a.sole proprietorship firm? Explain its merits and limitations.

Q 22.

Despite limitations of size and resources, many people continue to prefer sole proprietorship over other forms of organization. Why?

Q 23.

Explain the concept of mutual agency in partnership with suitable example.

Q 24.

Distinguish between a Joint Hindu family business and partnership.

Q 25.

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

Q 26.

Explain the meaning, features, merits and demerits of cooperative society.

Q 27.

Explain different types of partners.

Q 28.

Explain the following terms in brief:
(i) Perpetual succession (ii) Common seal
(iii) Karta (iv) Artificial person

Q 29.

If registration is optional, why do partnership firms willingly go through this legal formality and get themselves registered? Explain.

Q 30.

How does a cooperative society exemplify democracy and secularism? Explain.

Q 31.

Why is partnership considered by some to be a relatively unpopular form of business ownership? Explain the merits and limitations of partnership.

Q 32.

Differentiate between:

  • Memorandum of Association and Articles of Association.
  • Private and Public Company