Forms of organisation - non-corporate enterprises

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Forms of Organisation

Non-Corporate
Enterprises
Corporate
Enterprises

Sole Trading
Concern
Partnership
Firm
Joint
Hindu
Family
Firm
Non –
Corporate
Enterprises

Corporate
Enterprises
Joint Stock
Companies
Co-
operative
Societies
Public
Enterprises

Sole
Proprietorship
concern

One man
Ownership
& Control
No legal
Formalities
Unlimited
Liability
No
separate
entity of
the firm
No legal
dissolution
&...

MERITS OF A SOLE TRADING CONCERN
Easy Formation
Quick Decision and Prompt Action
Highly Flexible
Direct contact with custo...

MERITS OF A SOLE TRADING CONCERN
Efficient Management
Independent living
Better Employee Relations
Social Utility

Demerits of a Sole trading concern
Limited Capital
Unlimited Liability
Limited Life
Limited Managerial Ability
No Economie...

Partnership Firms

Definition of Partnership
According to Section 4 of the
Indian Partnership Act, 1932,
Partnership is the relation between
...

Essential Characteristics of Partnership
• Agreement
• Business
• Profit motive
• Management
• Implied Agency
• Unlimited ...

Merits of Partnership
Easy Formation
Large Financial Resources
Flexibility of Operations
Division of Labour
Prompt Decisio...

Demerits
 Limited finance
 Unlimited liability
 Lack of Stability
 Delay in Decision Making
 No transferability of
in...

PARTNERSHIP DEED
Oral or
in
writing
Agreemen
t between
partners
Signed
by all
partners
Stamped

• The name of the firm
• Name and details of all partners
• Date of commencement of business
• Duration of the firm’s exis...

 Salary payable to partners, if any
 The procedure of admission or retirement of a partner
 The method used for calcula...

Kinds of
Partnership
Limited
Partnership
Particular
Partnership
Partnership
at will
Partnership
by holding
out
Joint
Ventu...

Kinds of Partners
Working or Active Partner
Sleeping Partner
Nominal Partner
Partner by Estoppel

Kinds of Partners
Limited Partner
Secret Partner
Sub-Partner
Partner by Holding out
Minor Partner

Joint Hindu
Family Firm

It comes into existence by the operation
of law and not by an agreement or a
contract.
The members of a Hindu undivided fa...

Hindu Law of Inheritance
The
Dayabhaga
System
The
System

Merits
of
JHFF
Continuity
Assured shares to all members
Training to younger members
Unrestricted membership
Unity in manag...

Demerits
of JHFF
Limited Capital
Lack of Incentive
Lack of Stability
Misuse of powers by the Karta

Joint Hindu Family Firm
Formation
Admission of members
Maximum Membership
Female member
Minor member

Joint Hindu Family Firm
Liability of members
Management of the business
Inspection of books of accounts
Death of a member
...

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