Jack and Jill are two individuals who have passed out from engineering college in Mumbai. Jack and Jill both have attained 18 years of age. Now both want to start a start-up for robotic services. Can you advise them:
What are (i) the different form of business, (ii) their pros and cons and (iii) what is best suited form of business which will be applicable to their start-up?
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(i) the different business organisations are;
1. sole proprietorship
2. partnership
3. joint family business
4. cooperative societies
5. limited liability company.
(ii) Pos and cons of partnership ;
Pons = simplicity and flexibility
easy to firm
Cons = share profit with other partners
general partners liable for debts.
(iii) PARTNERSHIP is best for them.
I am written only partnership 's pons and cons because it is not possible to type.but I think it is a sufficient answer.
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