Question

Q4. Mr. Ram worked as a manager in ‘Inspop Limited’ a trading company. He decided to start his own
business selling 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 Joseph 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, Ram’s colleague also wanted to be apart 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 Ram about important decisions or 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 Ram was involved in before starting his own venture. Quote
line from the above case. (1 mark)
(b) Name the form of organisation Ram and Joseph decided to form. State the benefits of registering
the business. (2 mark)
(c ) Identify what type of partner was Ranbir. Quote lines to support your answer. (1 mark)

Answer 1

Answer:

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