Question

which one of the following is not governed by specific act a) sole prop. b partnership c.cooperative society d.company​

Answer 1

Answer:

sole proprietorship. .......

Answer 2

Sole Proprietorship

Explanation:

The sole proprietorship is the "simplest business form" wherein on can "operate a business". It is not a "legal entity", and . It refers to a person who owns the business & is "personally responsible" for "all of its debts".

The main feature of sole proprietorship are

1. Lack of legal formalities. There is no special statute to regulate a sole proprietorship. Also there are no different laws and regulations. In fact, there is no requirement for any form of incorporation or registration. We just need a license in most cases to operate the desired business.
2. No "separation" between the "owner & the business", therefore the owner's personal liability  is unlimited. The business owner only bears the risk at the same time enjoys all the profits
3. Continuity of the business is affected by the death, bankruptcy, retirement, insanity, imprisonment of the owner as  due to no separation of business and owner.

To know more

why sole proprietorship not in danger of being entirely wiped out by ...

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