Various Forms of Business Organisation: Sole Proprietorship, Partnership & Hindu Undivided Family

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Various Forms of Business Organisation

Forms of Business Organization

Forms of Business Organization

Definitions

Sole Proprietorship

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

Partnership

In some business group of individual joins 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.

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.

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