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Xi Chapter 2 Assignment

Chapter 2 discusses various forms of business organization, focusing on sole proprietorship, joint Hindu family business, and partnership. It explores their definitions, features, merits, demerits, and legal implications, including liability and registration processes. The chapter also includes practical scenarios and questions to illustrate the concepts and encourage deeper understanding.

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1 views3 pages

Xi Chapter 2 Assignment

Chapter 2 discusses various forms of business organization, focusing on sole proprietorship, joint Hindu family business, and partnership. It explores their definitions, features, merits, demerits, and legal implications, including liability and registration processes. The chapter also includes practical scenarios and questions to illustrate the concepts and encourage deeper understanding.

Uploaded by

bansallekhni
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Chapter 2

Forms of business organization : Assignment 1

Topics- Sole proprietorship, Joint Hindu Family business, Partnership

1. What are the various forms of business organization?

2. What do you understand by sole proprietorship?

3. He enjoys all gains and bears all losses.’

a)To which business organization is this statement related?

b) Briefly explain any 3 features of sole proprietorship?

4. Explain any two demerits of sole proprietorship

5. Despite limitations of size and resources, many people continue to prefer sole proprietorship
over other forms of organisation. Why? Give any three reasons (Hint –any three merits)

6. What do you understand by “Joint Hindu Family Business”, explain any three features of the
same?

7. Define “Partnership”

8. Briefly explain the following features of “Partnership”?

a) Liability
b) Mutual agency
c) continuity

9. Explain any two merits and two demerits of “Partnership”?

10. Naveen and Rishab are partners in a partnernishp business. In order to avoid future disputes,
they decided to form a written agreement. Name the written agreement?”? Mention any 6
contents of the same.

11. “It is optional for a Partnership Firm to get registered”, what are the benefits of registration?

12. What are the procedures of getting registered?


13. Anuj and Ahmed are partners in a firm. They admit John as a new partner, who is physically
challenged. Anuj asked Ahmed and John to get the firm registered. But Ahmed and John
didn’t agree and said it would be full of formalities and bureaucracy. If you are Anuj, how
will you convince them to get the firm registered?

14. The business assets of an organization amount to 50,000/- but the debts that remain unpaid
are 80000/- , what course of action can the creditors take if

a) The organization is a sole proprietorship firm?


b) The organization is a partnership firm with Anthony and Akbar as partners? Which of the
two partners can the creditors approach for repayment of debt? Explain giving reasons?
Ans)
a) They can claim over the personal property of sole proprietor as his liability is unlimited.
b) Creditors can approach both Anthony and Akbar and they are liable to pay back in their
profit sharing ratio but in case one of the partners becomes insolvent then creditor can
claim from only one partner also.
15. Distinguish between joint Hindu family business and partnership on the following basis
a) Liability b) Minimum number of persons c) continuity d) Formation. e) management and
control (do this question in a tabular format)

16. Give brief note on “Active Partner”, “Sleeping Partner”, “Secret Partner” and “Nominal
Partner”

17. What do you understand by “Partner by Estoppel”

18. Briefly explain the classification of “Partnership” on the basis of duration?

19. Explain the classification of partnership on the basis of liability.

20. Compare the status of minor in a joint hindu family business with that in a partnership firm

21. Aadya, Swaraj, Akira & Roger are partners in a partnership firm. The firm has different
types of partners.

a. Roger has contributed capital and participates in the management of the firm. He
shares profits & losses and is liable to an unlimited extent to the creditors of the firm.
b. Swaraj has contributed capital and shares its profits & losses. He also has unlimited
liability but he does not take part in day-to-day activities of the business.
c. Association of Aadya with firm is unknown to the general public but in all other
respects she is like an active partner.
d. Akira has allowed the firm to use her name as she enjoys good reputation among
clients but she neither contributed capital nor takes part in the management.
From the above statements answer the following:
I. Who is working as nominal partner? Give reason.
II. Who is working as sleeping partner? Give reason.
III. Who is working as a secret partner & what is the nature of his/her liability?
IV. Who is working as an active partner? Give reason.
22. Manav is a rich and influential person and is a good friend with of two partners , Meghna and
Aakash, who run a partnership firm by the name “Iconic ltd”. He accompanies his two
friends on a business meeting and with his words, impresses Mr. Jai, bank manager. On the
basis of this meeting, Mr.Jai agrees to grant a loan to Iconic Ltd. Will Manav be considered
liable for losses if the firm is unable to repay the loan? What is the term given to such people
in a firm?

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