11th NCERT Business Studies Chapter 2
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– Partnership merits and limitations: Partnership is discussed as a form of business ownership, highlighting its merits, limitations, and the factors influencing its popularity【4:0†source】.
– Importance of choosing an appropriate form of organization: The chapter discusses the significance of selecting the right form of organization and the factors that influence this decision【4:0†source】.
– Characteristics and types of cooperative societies: The characteristics, merits, limitations, and various types of cooperative societies are described in detail【4:0†source】.
– Comparison between Joint Hindu family business and partnership: The chapter explains the differences between a Joint Hindu family business and a partnership【4:0†source】.
– Reasons for preferring sole proprietorship despite limitations: Despite limitations in size and resources, many individuals choose sole proprietorship over other forms of organization; the reasons behind this choice are explored【4:0†source】.
What are the major advantages of a cooperative society?
The major advantages of a cooperative society include equality in voting, members’ limited liability, stable existence, economy in operations, support from government, and ease of formation.
Explain the key limitations of a company form of organisation.
The key limitations of a company form of organisation include complexity in formation, lack of secrecy, impersonal work environment, numerous regulations, delay in decision making, oligarchic management, and conflict of interests among different shareholders.
What is the difference between a private company and a public company?
A private company restricts transfer of shares and does not invite the public to subscribe to its securities, while a public company is allowed to raise funds by inviting the public to subscribe to its securities with free transferability of securities.
Explain the factors that need to be considered while choosing the suitable form of organisation for a business.
The key factors to be taken into account include initial costs, liability, continuity, capital considerations, managerial ability, degree of control, and nature of business.
What is meant by 'partners by estoppel'?
'Partner by estoppel' refers to a person who is not an actual partner in a firm but is held out by others to be a partner, thus liable to those who transact with the firm as if they were a partner.
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