Sole Proprietorship, Partnership & Hindu Undivided Family

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Definition:

  • Sole Proprietorship: In some Businesses a single individual performs all these activities. It’s called Sole Proprietorship.

  • Partnership: In some business group of individual join together to become owners of business and share the profits and losses. It’s known as Partnership.

  • Hindu Undivided Family: Any form of business which is owned by the members of a Joint Hindu family and in which the family possesses some inherited property. It’s known as Hindu Undivided Family.

Forms of Business Organization

Forms of Business Organization

Forms of Business Organization

Objectives:

  • Explain the meaning of sole proprietorship form of business organization

  • List the characteristics of sole proprietorship

  • Describe the advantages and limitations of sole proprietorship

  • Understand the meaning of partnership

  • Identify the features of partnership form of business organization

  • State the advantages and limitations of partnership form of business organization

  • Explain the concept of limited liability partnership

  • Explain Joint Hindu Family business with its characteristics, merits and limitations