Commerce Exam > Commerce Notes > Business Studies (BST) Class 11 > Short Answer Questions: Forms of Business Organisation
Short Answer Questions: Forms of Business Organisation | Business Studies (BST) Class 11 - Commerce PDF Download
Q1: State three advantages of joint Hindu Family business.
Ans: (i) Effective control
(ii) Continuity of business
(iii) limited liability of members
(iv) Increased loyalty. (any three)
Q2: Explain the features of a Joint Hindu Family business.
Ans: (i) Formation
(ii) Liability
(iii) Control
Q3: List any three advantages of partnership.
Ans: (i) Easy to start and close
(ii) proper decision making
(iii) More money
(iv) secrets are maintained.
Q4: State the important features of partnership.
Ans: (i) Formation
(ii) Liability
(iii) Risk bearing
(iv) decision making
(v) continuity
(vi) Member .
Q5: What are the consequences of non registration of a partnership firm?
Ans: A Partner of an unregistered firm cannot file a case against the firm or other partners. The firm cannot file a case against third parties.
The firm cannot file a case against the partners.
Q6: Explain any three features of a company.
Ans: (i) Artificial person
(ii) Formation is difficult
(iii) Company has separate Identity.
Q7: Enumerate the various types of cooperative societies.
Ans: (i) Consumer
(ii) Producer
(iii) Marketing
(iv) Farmer’s
(v) Credit
(vi) Cooperative housing societies
Q8: What are the functions of a promoter?
Ans: (i) Finding out a business opportunity
(ii) Conducting studies
(iii) Getting the name approved.
(iv) Fixing up persons to sign Memorandum of Association.
(v)Appointment of professionals.
(vii) preparation of necessary Documents.
Q9: What is the difference between a private and public company?
Ans: (i) Private: Restricts share transfer, maximum 200 members, no public subscriptions
(ii) Public: No restrictions; can invite public subscriptions.
Q10: What is the role of a managing committee in a cooperative society?
Ans: (i) Elected by members
(ii) Makes decisions
(iii) Manages society's affairs.
The document Short Answer Questions: Forms of Business Organisation | Business Studies (BST) Class 11 - Commerce is a part of the Commerce Course Business Studies (BST) Class 11.
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FAQs on Short Answer Questions: Forms of Business Organisation - Business Studies (BST) Class 11 - Commerce
| 1. What are the main types of business organizations? |  |
Ans. The main types of business organizations include sole proprietorships, partnerships, corporations, and limited liability companies (LLCs). Each type has its own legal structure, liability implications, and tax considerations.
| 2. What are the advantages of a sole proprietorship? | |
Ans. The advantages of a sole proprietorship include ease of formation, complete control over decision-making, and direct taxation, which means that the business income is reported on the owner's personal tax return.
| 3. How does a partnership differ from a corporation? | |
Ans. A partnership is a business organization where two or more individuals share ownership and responsibilities, while a corporation is a legal entity separate from its owners, providing limited liability protection. Corporations also have more complex regulatory requirements and can raise capital through the sale of stock.
| 4. What is the significance of limited liability in business organizations? | |
Ans. Limited liability protects the personal assets of the owners from being used to satisfy business debts or liabilities. This means that if the business fails, the owners' personal assets, such as their homes or savings, are generally safe from creditors.
| 5. What factors should be considered when choosing a business organization type? | |
Ans. Factors to consider when choosing a business organization type include the level of control desired, the potential for personal liability, tax implications, the ability to raise capital, and the complexity of formation and operation.
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