what is business undertaking? explain it's characteristics.
Answers
Hi friend, ■ Business undertaking :- A business undertaking is an institutional arrangement to conduct any type of business activity. It may be based on formal or informal arrangement among persons who undertake the business or concern. The undertaking may be run by one person or association on persons. ■ Characteristics of Business Undertaking :- ➡ Separate entity :- A business undertaking has a seperate entity.Every undertaking has its own working and conducts its own business. It has it's own assets and liabilities. ➡ Independent risk Bearing :- Every business involves many risks. Some risks can be insured but other will have to be borne by the owner. An undertaking may earns profits but it may incur losses. ➡ Exchange of Goods and services;- A business undertaking deals with exchange of goods and services. The goods to be exchanged may either be produced or procured from other sources. The exchange is generally for money or money's worth ____________________________ ✔For classifications see the diagram bellow ......i hope its helps you Thanks ! Be brainly !
Answer:
A business undertaking is an institutional arrangement to conduct any type of business activity. The undertaking may be run by one person or association of persons. It may be based on formal or informal agreement among persons who undertake to run the concern.