Forms of Business Organisation

A type of business organisation where a person individual responsible for capital, bearing risk & management is called ____________

The most important document used in partnership business is.................... .

In a general partnership liability of partners is .......................

The liability of members of a cooperative society is................... to the extent of their capital contribution.

There is a separate law that governs sole proprietorship.

• true

• false

Marketing cooperative society is established to help small producers in selling their products.

• True

• False

A nominal partner is one who allows the use his/her name by a firm, but does not contribute capital.

• True

• False

Which type of business organisation is the most popular and suitable for Small business.

• a) Joint Hindu Family

• b) Sole Proprietorship

• c) Partnership

• d) Cooperative society

The Act which governs the formation of a partnership business is Indian Partnership Act.

• (a). 1932

• (b). 1956

• (c). 1949

• (d). 1912

The minimum number of members required to form a cooperative society is-

• a) Five

• b) Ten

• c) Twenty

• d) Two