CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Planning3 Marks
Question
Every business entity needs to select an appropriate legal structure or framework to work in Why?
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Answer
Setting-up a business is not an easy task.
An enterprise is a separate and distinct unit, institutionally arranged to conduct any type of business activity.
It needs to combine the necessary beings, materials, tools, equipments, working space and appurtenances, brought together in a systematic and effective manner to accomplish the entrepreneur's desired objective. Thus, every business entity needs to select an appropriate legal structure or framework to work in which determines the extent of ownership and responsibility of proprietor(s).
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