FORMS OF BUSINESS ORGANISATION
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This PPT Prepared byTeacher Educator from Thiagarajar College Of Preceptors Madurai for B.Ed Trainees.
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FORMS OF BUSINESS ORGANISATION
- 1. FORMS OF BUSINESS ORGANISATION Dr.B.Amali Praba Assistant Professor of Commerce Thiagarajar College of Preceptors Madurai
- 2. Characteristics 1. Ownership by one man 2. Freedom of work and Quick Decisions 3. Unlimited Liability 4. Absence of Government Regulation 5. Maintenance of Secrecy
- 3. Types of Partnership Limited liability partnership Partnership at will Particular partnership Partnership for fixed period of time
- 4. The persons who enter into partnership are individually called ‘Partners’ and collectively known as ‘Firm’. According to Section 4 of the partnership Act, 1932. “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”.
- 5. Rights and Duties of Partners Right to take part in business Right to be consulted Right of access to books, record and document Right to share profit Right to receive interest Right to be indemnified Right to use partnership property for the business Right to retire
- 6. Duties of Partner Duty to carry on business Duty to be true Duty to render true accounts Duty to indemnity the firm Duty to share the loss Duty to claim remuneration
- 7. Contents of Partnership Deed • Name of the Firm • Nature of the proposed business • Duration of partnership • Capital contribution • Withdrawal from the firm • Profit/loss sharing • Interest on capital • Loan from partners • Account keeping • Salary and Commission to Partners • Retirement
- 8. Dissolution of Partnership can take the following forms • Change in the existing profit sharing ratio • Admission of a Partner • Retirement or Death of a Partner • Insolvency of a partner. • Expiry of the term of the partnership. • Completion of the specified venture. • Dissolution by agreement.
- 9. QUESTIONS 1.Explain the characteristics of Sole trading business. 2.What are the advantages of Sole trading business? 3.What are the contents of Partnership Deed? 4. Explain the types of dissolution of partnership firm.