Discuss briefly scope of business organizations? Also give reasons why some organizations called as legal entities?
SCOPE OF BUSINESS ORGANIZATION
Sole Proprietorship
Partnership
Joint Stock Company
Cooperative Societies
Combination
Sole Proprietorship
Sole proprietorship is the oldest form of business organization which is owned and controlled by one person.
Partnership
“Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.”
Joint Stock Company
“A company is an incorporated association of persons formed usually for the pursuit of some commercial purposes”
Cooperative Societies
“Cooperation is an action of persons voluntarily united for utilizing reciprocally their own forces, resources or both under mutual management for their common profit or loss.”
Combination
“Combination is the association, temporary or permanent, of two or more firms.”
from VUsolutions
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