Q.Name any three forms of business organisation other than Sole Proprietorship and state, in one line each, who owns and controls each one.

Besides Sole Proprietorship, Indian business law recognises several other forms, each with a different pattern of ownership and control.

Apart from Sole Proprietorship, a business in India may also take one of these forms:

1. Partnership — owned and controlled by two or more persons (partners) who agree to carry on a business together and share its profits, as governed by the Indian Partnership Act, 1932.

2. Cooperative Society — owned and controlled by its members, who join the society voluntarily on a democratic, one-member-one-vote basis, to protect their common economic interests.

3. Joint Stock Company — owned by its shareholders, who provide the capital by buying shares, but day-to-day control is exercised through a Board of Directors elected by those shareholders, since a company is a separate legal entity in its own right. …

Students sometimes list Sole Proprietorship itself as one of the 'other' forms — re-read the question; it explicit …