The private sector consists of businesses owned by individuals. The various forms of organizations in the private sector are sole proprietorship, partnership, joint Hindu family business, cooperative society, and company. India has a mixed economy because it consists of both public and private enterprises. Private enterprises include sole proprietorships, partnerships, joint Hindu family businesses, cooperative societies, and companies, which are owned and operated by individuals rather than the government.

1. Que.1 What is an economy?

2. Que.1 What is an economy?
Ans.1 An economy is the area of the production,
distribution, or trade, and consumption of goods
and services by different agents.
Que.2 India has which type of economy?

3. Que.1 What is an economy?
Ans.1 An economy is the area of the production,
distribution, or trade, and consumption of goods
and services by different agents
Que.2 India has which type of economy?
Ans.2 India has Mixed Economy.
Que.3 Why Indian economy is known as mixed
economy?

4. Que.2 India has which type of economy?
Ans.2 India has Mixed Economy.
Que.3 Why Indian economy is known as
mixed economy?
Ans. 3 Because it consist both public and
private enterprises.
Que.4 What is Private enterprises?

5. Que.3 Why Indian economy is known as
mixed economy?
Ans. 3 Because it consist both public and
private enterprises.
Que.4 What is Private enterprises?
Ans.4 ( Problematic question)

6. Private enterprises

7. Developmentary questions
Que.1 Who Owns the Reliance company?
Ans.1________________
Que.2 Who control the working of Indian
railway?
Ans.2________________

8. • There are all kinds of business organizations-
Small or large, industrial or trading, private
owned or government owned existing in our
country.
• These organizations affect our economic life
therefore become the part of Indian economy.
• Since Indian Economy consist both private
owned and government owned enterprises, it
is known as mixed economy.
Introduction

9. The private sector consist of
business owned by individuals.
The various form of organizations in
private sectors are sole
proprietorship, partnership, joint
Hindu family, cooperative society
and company.

10. PRIVATE Enterprises
Sole
Proprietorship
Partnership
Joint Hindu Family
Business
Cooperative society
Company

11. Evaluative question
Que.1 What do you understand by Private
enterprise?
Ans.1__________________________________
____________________________________

12. Que.2 The various forms of organizations in
private sectors are :-
(a) Sole proprietorship
(b) joint Hindu family
(c) company
(d)All the above.

13. Developmentary Question
Que.1 How many persons are required to start
a stationary?
Ans.1______________.

14. Sole proprietorship
 Sole proprietorship refers to a form of business
organization which is owned , managed and
controlled by an individual who is the recipient of
all profit and bearer of all risks.
 The word “sole” implies “only” and “proprietor”
refers to “owner”. Hence, a sole proprietor is the
one who is the only owner of a business.

15. Features of Sole- Proprietorship
Single
ownership
Unlimited
Liability
Profits and
Losses
Common
identity
Capital

17. Choose the correct option:-
Que. 1 Which of the following is not the feature
of sole proprietorship?
(a) Single ownership.
(b) Separate Identity of business.
(c) Risk are to be borne alone.
(d) Unlimited Liability.

18. Que.2 Write any two Demerits of Sole
Proprietorship.

19. JOINT HINDU
FAMILY BUSINESS

21. • Joint Hindu family business is a specific form
of business organization found only in India.
• It refers to a form of organization wherein the
business is owned and carried on by the
members of the Hindu undivided family .
• The business is controlled by the head of the
family who is the eldest member & is called as
KARTA

22. Features of Joint Hindu family
business
Management
Membership by
birth
Liability

23. • Easy formation
• Quick decisions and prompt action
• Flexibility in operation
• Business Secrecy
• Continuity of business
• Limited liability of co- parceners

24. • Limited Capital
• Unlimited liability of Karta
• Lack of stability
• Less motivation
• Limited Growth and Expansion
• No entry for non family members
• No Legal Status

25. Que.1 How does a family member become the
member of Joint Hindu Family Business?

26. Que.2 What are the merits of Joint Hindu Family
business?
Whiteboard work

27. PARTNERSHIP

29. More Persons
Profit and loss
sharing
Unlimited
Liability
Restrictions on
Transfer of
Share
Contractual
Relationship
Features of Partnership

30. Que.1 What is the minimum numbers
of partners in partnership?
(a) 2 (b)4
(c)10 (d)5

31. Que.2 Partners of a partnership
firms have-
(a) Limited Liability
(b) Unlimited Liability

32. Summary…
 The private sector consist of business
owned by individuals.
The various form of organizations in
private sectors are sole proprietorship,
partnership, joint Hindu family,
cooperative society and company.

33. RECAPTAULIZATION
1. __________sector consist of business owned
by individuals.
2. _____________is the only owner of a
business.
3. The liability of the proprietor is__________.
4.Each partner has _________liability in the
firm.
5. All the affairs of a Joint Hindu Family are
controlled by ___________.

34. Home Assignment
Que.1 Write the merits and demerits of
joint Hindu family business?