Chap 04

A sole trading concern ensures maximum business secrecy.

A Sole Trading Concern is a business owned and operated by a single individual.

The liability of KARTA is unlimited.

A Partnership at will is a type of partnership where there is no provision in the partnership agreement regarding the time period for the partnership.

A Partnership Firm is a voluntary association of two or more persons with a common objective, formed by an agreement called a Partnership deed, and governed by the Indian Partnership Act, 1932.

The rule for voting in a Joint Stock company is one share one vote.

A Public Company is a type of business organization that requires a minimum of 7 members and has no maximum limit on the number of members.

The common seal acts as a signature of the company.

False - Membership in a co-operative society is not compulsory.

A Private Company requires a minimum of 2 members and a maximum of 200 members.

A Joint Stock Company is an artificial person created by law.

A minor partner is a partner who is admitted into the partnership firm for the benefit of the firm with the consent of all partners.

A business owned and managed by two or more persons sharing profits and losses is called a partnership firm.

In a Joint Hindu Family Firm, the senior most member is called 'Karta' while other members are referred to as 'Co-parceners'.

The senior most member of the family who manages the affairs of the Joint Hindu Family Business.

The professions mentioned are Chartered Accountant and Architect.

A form of business organization where the family operates as a single entity, managed by the Karta.

An individual responsible for overseeing and coordinating the operations of a business.

True

The members of the Hindu undivided family business are called coparceners.

The rule for voting in a Co-operative society is one member one vote.

Yes, a Joint Stock company can raise huge amounts of capital.

A Joint Hindu Family Firm is a form of business organization that is carried from one generation to another, comes into existence by the operation of Hindu Law, and is found only in India.

The process by which a Joint Stock Company is officially recognized and recorded by the relevant authorities, making it a legal entity.

Kiran and Naman are referred to as co-parceners, which means they share the rights and responsibilities in the family business.

A Private Company requires a minimum of two members.

A Sole Trading Concern is a form of business organization owned and operated by a single individual, who is responsible for all aspects of the business.

A Co-operative Society requires a minimum of 10 members with no maximum limit.

A Cooperative Society is a voluntary association of individuals formed for providing services to members.

A general partnership is a form of partnership where the liability of all the partners is unlimited, joint, and several, and every partner has an equal right.

The main motto of a co-operative society is not primarily to render services to its shareholders.

In a Private Company, there are a minimum of 2 directors required.

Karta has the right to manage the business and need not consult anybody about business decisions.

The Indian Co-operative Society’s Act was passed in 1912.

The members who share the inheritance and management of the family business.

Registration of a Joint Stock Company is compulsory.

A Joint Stock Company is an incorporated association created by law, having an independent legal status, owned by shareholders and managed by the Board of Directors.

The KARTA is the individual who manages the Joint Hindu Family Business and holds the property jointly owned by the family.

A form of business organization which is owned, managed, and controlled by one person.

A Managing Committee is a group of members of a Co-operative society who look after the working of the society.

A Public Company is a company that is not a Private Company and can offer its shares to the general public.

An organization which is service-oriented.

True

A partner who lends their name to the partnership firm but does not participate in its operations.

An active partner is a partner who takes active participation in the day-to-day working of the business.

Yes, there is a separation of ownership and management in a Joint Stock Company.

Registration of Joint Stock company is compulsory according to the Companies Act.

The Karta is the eldest male member of the family who manages the business and has the authority to make decisions on behalf of the family.

A Nominal Partner is a partner who only lends his name and reputation to the partnership firm without contributing to the capital.

A business owned and managed by a single individual who makes all decisions.

The liability of a member of a Co-operative Society is Limited.

A one-man show type of business organization where an individual operates and manages the business independently.

A written agreement that outlines the terms and conditions of a partnership.

The main motive of the Joint Stock Company is the maximization of profit.

A Joint Stock Company must follow the Indian Companies Act, 2013.

A Private Limited Company is a company that restricts the right to transfer shares, limits the maximum number of members to 200, and prohibits the issue of a prospectus.

Private entities - Private sector enterprises are owned and managed by private entities.

The management of Co-operative society is based on democratic principles.

Yes, a partnership agreement may be oral or written.

The face value of the shares of Co-operative society is very less.

A public company is defined as a company that is not a private company.

A Co-operative Society enjoys an independent legal status, distinct from its members.

A market that serves the local community and typically involves the buying and selling of goods and services within a specific area.

A Private Company can have a maximum of 200 members.

Shareholder - It refers to ownership in a corporation, not a partnership.

The liability of the shareholders in the Joint Stock Company is limited.

A Partnership Firm is a business structure where two or more individuals manage and operate a business together.

No, the liability of every partner in a partnership firm is not limited; it is joint and several.

A partner-in-profits only is a partner who gets into an agreement to share only the profits of the partnership firm and not the losses.

A Co-operative Society is a voluntary association of individuals formed to provide services to its members, operating on the principle of 'One Member One Vote' and focusing on service rather than profit.

A type of company that can offer its shares to the public and has a minimum of seven members.

Legislation that governs the formation and operation of partnership firms in India.

Non-Government Organization (NGO) - It is not a form of business organization.

The registration of a partnership firm is compulsory in Maharashtra.

The Board of Directors manages the business of a Joint Stock Company.

Sole Trading Concern is a type of business which is owned, managed, and controlled by one person.

The guiding principle that emphasizes mutual assistance and collective benefit among members.

A Joint Hindu Family Business is a type of business organization that is owned and managed by members of a Hindu family, following the principles of Hindu law.

A legal framework that governs partnerships in India, originally enacted in 1932.

A Public Company requires a minimum of seven members.

A Private Company can have a minimum of 2 members and a maximum of 50 members.

The head of joint Hindu Family Business is called Karta.

A type of company where there is free transferability of shares among the public.

The registration of a Partnership Firm is optional as per the Partnership Act, 1932, but in Maharashtra, it is made compulsory.

Consumer’s co-operatives are formed by consumers.

The registration of a Joint Stock Company is not compulsory.

A minimum of two members are required to form a Partnership Firm.

A Nominal Partner is liable to the debts of the firm but may or may not receive a share in the profits.

True

A Joint Hindu Family is a form of business organization which runs from one generation to another according to Hindu Law.

The maximum number of members is unlimited in a Joint Hindu Family Firm.

A Quasi Partner is a partner of the partnership firm who has retired from the firm but has left his capital behind in the firm.

Joint Stock Company is an artificial person created by law, having an independent legal status, owned by shareholders and managed by Board of Directors.

Karta is the senior most member of the family who runs the Joint Hindu Family Business.

Buildsheet is a Partnership firm, which is a voluntary association of two or more persons who come together with a common objective.

A Private Limited company is a company that restricts the right to transfer shares and limits the maximum number of members to 200.

A general partnership is a business arrangement where two or more individuals manage and operate a business together and share its profits and liabilities.

Karta has unlimited liability in a Joint Hindu Family Business.

An official signature of a company used to execute documents and contracts.

The name of a Public Company must end with the word 'Limited'.

A Joint Stock Company operates under the principle of 'One share one vote'.

A Joint Hindu Family Firm is a type of business organization that is run by members of a Hindu family, where the eldest member, known as the Karta, manages the business and the other members are co-parceners.

Members of the Managing Committee are elected by the shareholders of the Co-operative society.

The name of a Private Limited Company must end with the words 'Private Limited'.