Dhirubhai Chaurasiya operates a textile business. His family is joint and has a lot of ancestral
property. All the 15 family members are a part of this business. He is the eldest male member in the
family so he heads the business. He is liable to all the creditors of the business as he is the decision
maker. Dhinubhal's grandson has just born a few days ago and he is also the member of the business. (a)
which form of business is being undertaken by Dhirubhai Chaurasiya ? (b) Identify the leatures of this
form of business based on the information given by quoting line.
Answers
Dhirubhai Chaurasiya operates a textile business. His family is joint and has a lot of ancestral
property. All the 15 family members are a part of this business. He is the eldest male member in the
family so he heads the business. He is liable to all the creditors of the business as he is the decision
maker. Dhinubhal's grandson has just born a few days ago and he is also the member of the business. (a)
which form of business is being undertaken by Dhirubhai Chaurasiya ? (b) Identify the leatures of this
form of business based on the information given by quoting line.
Explanation:
A family business can be defined as one in which members of the same family have a controlling ownership interest and they occupy one or more leadership positions in the business.
(a)
which form of business is being undertaken by Dhirubhai Chaurasiya ?
In the above case this type of business is a family business due to the fact that the business is owned jointly by all the 15 family members.
(b) Identify the features of this
form of business based on the information given by quoting line.
- The business is owned by the family members
- The members s have a controlling interest in the business
Answer:
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