Question

Q12. Mr. Joseph worked as a manager in ‘Inspop Limited’ a trading company.

He decided to start his own business selling similar products. After

Preparing all details he realised that he does not have sufficient funds to

start business on his own. He discussed the business plan with his friend

Raman and both decided to join hands as partners and start business

together. They opened a bank account with Indian Bank for business

transactions and prepared all documents to register their business with

the authorities. Ranbir, Joseph’s colleague also wanted to be part of the

business but he could not take the risk of leaving a secured job so he

decided to invest money in the business but not take active part in the

business activities. Ranbir used his position to inform Joseph about

important decisions or strategies followed by Inspop Limited so that

Joseph can plan his strategies accordingly for the benefit of their

business. The CEO of Inspop Limited came to know about the misdeeds

of Ranbir and he immediately terminated him from his services.

(a) Identify the type of economic activity Joseph was involved in before

starting his own venture. Quote line from the above case.

(b)Name the form of organisation Joseph and Raman decided to form.

State the benefits of registering the business.

(c) Suggest the type of account Joseph and Raman opened ? Give reason

for your answer.

(d) Identify what type of partner was Ranbir. Quote lines to support your

answer.

(e) Do you think Joseph and Ranbir were doing ethical business ? Give

one reason to support your answer.​

Answer 1

Answer:

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