Question

1. “Business may be owned by an individual or a group of persons.” In the light of the
above statement enlist different forms of business organizations and explain how
they are different from each other.

Answer 1

A business which is Owned by an individual is known as the Sole Proprietor. 

The sole proprietorship is the least difficult business shape under which one can work a business. The sole proprietorship is not a lawful entity. It basically alludes to a man who possesses the business and is by and by in charge of its obligations. A sole proprietorship can work under the name of its proprietor or it can work together under an imaginary name. The invented name is just an exchange name- - it doesn't make a legitimate substance isolate from the sole proprietor. 

A business which is claimed by the group of people is known as Partnership. 

A Partnership business is a legitimate relationship framed by the assertion between at least two people to bear on a business as co-proprietors. A partnership is a business with numerous proprietors, each of whom has put resources into the business. A few partnerships incorporate people who work in the business, while others may incorporate accomplices who have constrained investment and furthermore a limited liability.