Question

Explain the forms: sole proprietorship, HUF and Joint stock company on the basis of 1) Liability 2) Member 3) continuity. (5)

Your answer


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Answer 1

Explanation:

Sole proprietorship

1) Liability : Unlimited.

2) Members: Min and Max 1 member.

3) Continuity : Till the proprietor's

death , insolvency or

voluntary dissolution .

HUF

1) Liability: Karta - Unlimited, Co-parceners - Limited to their share of property.

2)Member : Head of the family karta , others become co-parceber by birth . Min : 2 coparceners and 1 karta , Max: no limit.

3) continuity:Perpetually continues.

Joint stock company

1)Liability: Limited to unpaid shares.

2)Member: Min - 7 , Max - no limit.

3) Continuity : perpetual succession

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