An organization is a group of people who work together, like a charity, union, or business. A business organization specifically aims to make a profit. There are several types of business organizations including sole proprietorships, partnerships, joint stock companies, cooperative societies, and joint Hindu family businesses. A sole proprietorship is owned and controlled by one person, partnerships involve two or more people sharing profits, and a joint stock company is owned by shareholders and has a separate legal identity.

1. A VERY
GOOD
AFTERNOON
TO
ALL.

2. What is Organization:-
An organization is a group of
people who work together, like
a charity, a union, or a
corporation.
 No Profit Motive.
 It can be Government also.
 Haryana Tourism Board etc

3. What is Business Organization:-
An business organization
is a group of people who
work together to satisfy
there needs with motive
of profit.
 Profit is Motive.
 Private Players.
 Taj Group,Oberoi
Group.

4. Types of Business Organizations:-
Sole Proprietorship.
Joint Hindu Family Business.
Co-operative Society.
Partnership.
Joint Stock Company.

5. Sole Proprietorship:-
 Sole implies ‘Only’ and Proprietor
means ‘owner.’
 Formation and closure of this type
of business is very easy and there
are no such legal formalaties.
 Onwer is the bearer of all the
profits and the losses.
 Sole proprietorship has unlimited
liablity.
 Owner has full control decision
making.
 For eg- Apple,Coco-Cola

6. Joint Hindu Family Business:-
 Oldest form of business found in
India.
 Business is controlled by
the head of the family called
‘Karta’.
 Three successive
generations can be the
member in the business.
 It is governed under
succession act 1956 under
Hindu Law.
 For eg- Haldirams, Mahindra
and Mahindra.

7. Partnership:-
 Acc to IPC-1932 when two persons agrees
to shares the profit of business carried by
both of them is known as partnership.
 More than one person is require to start a
partnership-IPC 1932 and Companies Act
2013 maximun parnters in P-firm not
more than 50.
 Formation can be done through
agreement and called as partnership
deed.
 Deed tells us about profit sharing ratio
and other things.
 Decision making is balanced.
 Partners has unlimited liablity.

8. Joint Stock Company:-
 Company is an association of
persons who can carrying business
activities has a legal status and
seperate legal identity. Its owned by
investors.
 Formation is time Expensive and time
taking.
 JSC is governed under companies
act of 2013.
 Stake holders are the owner of the
company and BOD is the chief
managing body of the company.
 It is necessary for private company to
use ‘PVT LTD’ after its name.
 Min 02 members and max 200
members in the joint stock company.

9. Cooperative Society:-
 Means working together for a same
purpose.
 Registration require under the
cooperative Societies Act of 1912.
 After registration Society gets is legal
Identity.
 At least 10 members are require to
form a cooperative society.
 Main movie is to safeguard to weaker
section from exploitation.
 They provide to health,credit and
training facilites to the produces.
#Worker Cooperatives.
#Housing Cooperatives.
#Financial Cooperatives.