Explain the types of Business.

1.	Explain the types of Business.
Answer» 1. Sole trade – That form of business in which a single person is the owner and controller of the business. 2. Hindu undivided family – It refers to a form of organization wherein the business is owned and carried on by the members of the Hindu undivided family (HUF). 3. Partnership – Type of business organization in which two or more people join hands to form a business and they all are risk-takers and profit takers. 4. Joint Capital Company – It was included under the Indian Company Act 1956. 5. Co-operative Institutions – It came in existence under the Cooperative Institute Act of 1912. Public Sector: The public sector was considered as an engine for self – reliant economic growth with distributive justice.

Answer»

1. Sole trade – That form of business in which a single person is the owner and controller of the business.

2. Hindu undivided family – It refers to a form of organization wherein the business is owned and carried on by the members of the Hindu undivided family (HUF).

3. Partnership – Type of business organization in which two or more people join hands to form a business and they all are risk-takers and profit takers.

4. Joint Capital Company – It was included under the Indian Company Act 1956.

5. Co-operative Institutions – It came in existence under the Cooperative Institute Act of 1912.

Public Sector:

The public sector was considered as an engine for self – reliant economic growth with distributive justice.

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