Forms of Business Organisations 8th Notes KSEEB Social Science
→ Today we see different forms of business organisations. They may be classified into various types. They are sole trading, partnership firms, Hindu undivided family firms, Cooperative societies, Joint stock companies.
→ Sole trading is run by a single person. He is the owner and the manager.
→ Partnership Firms – two or more persons join together and carry out the business.
→ There are several types of partners. Active or working partners, sleeping partners, nominal partners and minor partners.
→ Indian partnership Act of 1932. provide for the registration of partnership firms.
→ Hindu undivided family firms are formed owned and managed by joint Hindu families in
accordance with “Hindu Law”.