Full summary of Bussiness studies Chapter-2 in briefly.
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Course
Bussiness studies
Institution
In this document you will find a chapter-2 of Bussiness studies from your textbook . Over here you will find a brief explanation about this wonderful chapter .
Class 11
Business studies
Unit- forms of business organisation
Various forms of business organisations are as follows:
• Sole proprietorship
• Joint Hindu family business
• Partnership
• Cooperative societies
• Joint stock company
Sole proprietorship – the business.
Manage and control by a single
individual who is the
recipient of all profits and bearer of
all risks.
https://www.studifysuccess.com/ MADE BY – RIYA DUBEY
, These notes are provided from studifysuccess
�Features of sole proprietorship
1. Formation and closure – there is no
Any legal formalities are required to start a
sole proprietary business, though in some
cases one may require a license.
2. Liability-the owner is personally
responsible for payment of debts in case the
assets of the business are not sufficient to
meet all the debts. They have unlimited
liability.
3. Control- the right to make all decisions lies
absolutely with the Sole proprietor.
4. No separate entity- business does not
have an identity separate from the owner .
The owner is responsible for all the activities
of business.
https://www.studifysuccess.com/ MADE BY – RIYA DUBEY
, These notes are provided from studifysuccess
5. Lack of business continuity – In sole
proprietorship only one person control the
business, so death , insanity, bankruptcy will
have the direct effect on the business.
Merits:
1. Quick decision making- In sole
proprietorship decision are taken by one
person only so there is no wastage of
time.
2. Confidentiality – self decision making
authority enable the proprietor to keep
all the information confidential and
maintain secrecy.
3. Direct incentive – there is direct
relation between effort and reward .this
provide maximum incentive to the sole
trader to work hard.
https://www.studifysuccess.com/ MADE BY – RIYA DUBEY
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