CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipResource Mobilization3 Marks
Question
Classify business on the basis of ownership.
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Answer
On basis of ownership, business can be classified as:
Sole proprietorship business: The business is owned and managed by a single individual.
Partnership business: The business is owned and managed by a group of persons who voluntarily come together to manage a business and distribute profits.
Hindu undivided family business: The business is owned by hindu undivided family. The management of the business vests in the hands of the senior most male member known as 'Karta'.
Company form of business: The business is owned by a collective group of persons, known as shareholders. The management rests in the hands of salaried people in the Board of Directors. The company has an entity which is distinct from its shareholders.
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