CHAPTER 2
FORMS OF
BUSINESS ORGANISATIONS
1 Mark Questions (One word to one sentence)
1. What do you mean by unlimited liability?
2. Who is Karta?
3. “Every contract entered by a company
should bear its official signature”. Which feature describes this statement?
4. Which form of business is suitable for
tailoring shop?
5. Name the form of business organization
where a minor can be full fledged member.
6. Sharma Bros formed partnership for the
purpose of construction of mall. Identify the type of partnership.
7. Under which Act the registration of
Company is compulsory?
8. Teachers of various schools have formed an
association to buy land and construct flats for its members. Identify this form
of business organization.
9. As per the partnership agreement the partners
were entitled to share profits equally however it was distributed 3:2:1.
Identify the values which have been overlooked.
- Define
partnership according to Indian Partnership Act, 1932.
11. Member may come, Members may go, but the
company will go on forever”. Which feature describes this statement?
- The
Board of directors manipulate their information and convey wrong
information to the shareholders, Identify the values overlooked by BODs?
- State
the minimum and maximum number of members required in a partnership firm.
14. Define Mutual agency
15. Who elects the board of directors in Joint
Stock Company?
16. Mention two documents filed with the ROC
during the incorporation process?
3-4 Mark Questions (30 – 50 words)
- Explain
any three features of Co-operative societies.
- Identify
the type of business organization for following types of businesses:
(a)
Grocery
Store
(b)
Hotels
(c)
Beauty
Parlours
(d)
Chartered
Accountancy Firm
- Name
any 6 privileges of a private company.
20. Explain the meaning of Joint Hindu Family
Business. Also give a brief note on types of Joint Hindu Family Business.
21. A member, who held all the shares of a
company except one, insured the company’s property in his own name. Can he
claim compensation from the Insurance Company?
22. Reliance Industries issues 1,00,000 shares
of Rs 10 each for public subscription. Applications are received for 80,000
shares. Can the company allot these shares? Explain
23.
Distinguish
between Sole Proprietorship & Joint Hindu Family Business on the basis of:
a) Liability of the owner
b) Continuity
c) Decision making
- Distinguish
between
1) Private Limited Company and Public Limited
Company on the basis of:
(a) Number of members
(b) Number of Directors
(c) Transferability of shares
(d)
Public
Subscription
2)
Public
Company and Partnership
(a)
Number
of members
(b)
Continuity
(c)
Resources
(d)
Liability
- Give one term for the
following:-
a. A person who contributes capital, shares
profits and losses but do not take participation in business of firm.
- Written document containing all the
terms and conditions decided among the partners
c. A partnership setup for a specific purpose
or project
d. Liability of a sole proprietor
e. The document inviting subscription for
shares
f.
The
person who conceives an idea to form a company
g. The type of company which restricts the
transferability of shares
h. Maximum number of members in case of
public company
5-6 Marks Questions (100 – 150 words)
26. “One man control would be the best type of organization
if that one person is capable of managing each and very thing.” Explain the
statement in detail.
- Name
various types of co-operative societies. Explain any two of them.
- Differentiate
between Partnership and Cooperative Society on the basis of:
(a) Registration
(b) Members
(c) Liability of members
(d) Control and management
(e) Continuity
- “A promoter is called a parent of the
company.” Do you agree? Explain the steps taken by promoters in the
promotion of a company
- How
a partnership can be registered? Explain the process of registration. What
are the consequences of a firm being unregistered?
Great Article ! Loved how you have explained everything in such breif.
ReplyDeleteSole Proprietorship to Private Limited Company