Key terms in business studies class 11 chapter-2
Answers
Answer:
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Explanation:
Sole Proprietorship - A business owned, managed and controlled by a single individual is known as a sole proprietorship organisation.
Partnership - Partnership is an association of two or more persons who have agreed to share the profits of the business carried on by all 01′ any of them acting for all.
Joint Hindu Family Business - The business carried out by the male members of a Hindu undivided family is known as Joint Hindu Family Business.
There are two conditions for existence of Joint Hindu Family Business, These are
- Minimum two male members must be there in the family
- Existence of some ancestral property
Mutual Agency – Every partner is an implied agent of the other partners and of the firm. Every partner is liable for acts performed by other partners on behalf of the firm.
Joint Stock Company - Definition by Prof Honey. “Joint Stock Company is a voluntary association of individual for profit, having a capital divided into transferable shares, the ownership of which is the condition of membership”.
co-parceners - All members have equal ownership right over the property of an ancestor and they are known as co-parceners.
