Sole- Proprietorship

What is a Sole Proprietorship?

• Business owned by president

• Business owned by several companies

• Business owned by one person

• Business owned by a company

A Sole proprietor concern is free from regulation by

• Indian Contract Act

• Government

• Private Indian

• Indian Law

The reason for the end of the sole proprietorship can be

• Insolvency

• Insanity

• Death

• All the above

Sole proprietorship business owner has

• Restricted Liability

• No Liability

• Unlimited Liability

• Limited Liability

A HUF is a business owned by

• Any family

• Any Indian family

• A joint Hindu family

• A Hindu individual

Inheritance of property is among

• only nuclear family members

• all members of the hindu community

• all male members of a joint hindu family

• all members of a hindu family

A HUF will end when

• karta dies

• when all members of the HUF decide to end it or there are no more male members left in the HUF

• when any one co-parcener dies

• when the liability of the HUF is beyond Rs. 1 crore

All decisions of a HUF are made by

• all members

• karta

• karta and all senior co parceners

• by all co parceners

Whose liability in a HUF is unlimited

• co parceners

• karta and co parceners

• nobody

• karta

Membership in a HUF is given by

• contribution of capital

• birth

• agreement

• choice