Organisation of Commerce and Management · Class 11 Commerce
Ch 4Forms of Business Organisation – I — Class 11 Organisation of Commerce and Management, concept-first.
Every business, before it can even open its doors, has to be organised under some recognised legal/ownership form — who owns it, who controls it, who is liable if it fails, and how long it survives its owner. The MSBSHSE Std XI Organisation of Commerce and Management (OCM) syllabus splits this topic into two chapters.
Key concepts
Hover a concept to preview it and jump to its most relevant Q&A.
Partnership Firm — Meaning and Features
A Partnership (Section 4, Indian Partnership Act, 1932) is the relation between persons who agree to share the profits of a business carried on by all, or by any acting for all.
Most relevant Q&A
- Explain the merits and limitations of a Partnership Firm as a form of business organisation.Preview
- Which of the following is the governing statute for a Partnership Firm in India? (A) The Companies Act, 2013 (B) The Indian Partnership Act,…Free
- Distinguish between a Sole Trading Concern and a Partnership Firm.Free
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Overview
Every business, before it can even open its doors, has to be organised under some recognised legal/ownership form — who owns it, who controls it, who is liable if it fails, and how long it survives it…
Sole Trading Concern (Sole Proprietorship)
A Sole Trading Concern, also called a Sole Proprietorship, is a business owned, financed, and controlled by one single person who bears all the risk and keeps all the profit.
Partnership Firm — Meaning, Features, and the Partnership Deed
When a business needs more capital or a wider range of skill than one person can supply alone, but its owners still want to avoid the cost and formality of forming a company, a Partnership Firm is the…
Types of Partners and Registration of a Partnership Firm
Types of partners — the Indian Partnership Act recognises that not every partner plays the same role, and the syllabus tests each type by its distinguishing feature:
Joint Hindu Family (JHF) Business
The Joint Hindu Family Business is a distinctive form of business organisation found in Maharashtra's OCM syllabus with no equivalent anywhere in the CBSE/NCERT Business Studies curriculum — it is roo…
Distinguishing the Three Forms
Having covered each form individually, this section pulls the three together on the points the MSBSHSE syllabus most often tests as a direct "distinguish between" question.
Long Answer Questions
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- Q1In a Sole Trading Concern, the liability of the owner for business debts is: (A) Limited to the amount of capital invested in the business (…Free
- Q2Which of the following is the governing statute for a Partnership Firm in India? (A) The Companies Act, 2013 (B) The Indian Partnership Act,…Free
- Q3A firm engages M, a well-known local businessperson, to allow use of his name and reputation for the firm's credibility, though M contribute…Preview
- Q4An unregistered partnership firm wishes to sue a third party to recover a business debt owed to it. Under Section 69 of the Indian Partnersh…Preview
- Q5In a Joint Hindu Family Business, the liability of an ordinary coparcener (who does not manage the business) is: (A) Unlimited, exactly like…Preview
- Q6How does a person become a coparcener in a Joint Hindu Family Business? (A) By signing a partnership agreement (B) By purchasing shares in t…Preview