Question

1. Name the forms of business organisation.

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Answer 1

Forms of Business Organisation – Sole Proprietorship, Partnership Firm, Limited Liability Partnership, Joint Stock Company and One Person Company (With Merits and Demerits)

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Answer 2

Different forms of business organizations are sole proprietorship, partnership, joint-stock company, cooperative society, etc.

Explanation:

1. Sole proprietorship is a form of business controlled and managed by a single owner. There is faster decision-making.
2. Partnership is the form of business organization where two or more people voluntarily come together to carry out business operations and profits.
3. Joint-stock company is the form of business organization where a number of people come together with a large number of resources to carry out operations and earn profits for a firm.
4. A cooperative society is a form of voluntary organization of people who come together for various purposes such as social service, profit earning, etc.