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Karan has learnt the art of zardozi work from his grandfather and father. He opened a designer boutique exclusively for bridal wear all by himself. He introduced new designs in his work which is highly appreciated by everyone.
What form of business organisation is operated by him?
What form of business organisation is operated by him?
- a)Sole proprietorship
- b)Partnership
- c)Private company
- d)Public company
Correct answer is option 'A'. Can you explain this answer?
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Karan has learnt the art of zardozi work from his grandfather and fath...
Form of business organization which is owned financed, controlled and managed by only one person is called as sole proprietorship. All investment is made by the proprietor. The sole proprietor alone is entitled to all the profits and losses of business.
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Karan has learnt the art of zardozi work from his grandfather and fath...
Answer:
Karan's business is operated as a sole proprietorship. Let's understand why this is the correct answer.
Sole Proprietorship:
A sole proprietorship is a form of business organization where an individual, known as a sole proprietor, owns and operates the business entirely on their own. It is the simplest and most common form of business structure.
Characteristics of Sole Proprietorship:
1. Single Ownership: In a sole proprietorship, the business is owned and controlled by a single individual. Karan, in this case, owns and operates the boutique by himself.
2. Unlimited Liability: The sole proprietor is personally responsible for all the debts and obligations of the business. This means that if the business incurs any losses, Karan will be personally liable to pay them.
3. Easy Formation: Setting up a sole proprietorship is relatively easy and requires minimal legal formalities. Karan, with his skills and experience, opened the boutique without any partnership or incorporation.
4. Direct Decision Making: As the sole proprietor, Karan has complete control and authority over all the business decisions. He can introduce new designs and make any changes as per his vision and creativity.
5. Profit Retention: All the profits generated by the business belong to the sole proprietor. Karan enjoys the benefit of retaining all the profits earned from his boutique.
Why Sole Proprietorship is the Correct Answer:
Based on the given information, Karan has opened a designer boutique exclusively for bridal wear by himself. He has learned the art of zardozi work from his grandfather and father, indicating that he is the sole owner and operator of the business. Additionally, Karan has introduced new designs that are highly appreciated by everyone, which further confirms his sole proprietorship.
In conclusion, Karan's business is a sole proprietorship because he owns and operates the boutique by himself, has unlimited liability, has the freedom to make decisions, and retains all the profits.
Karan's business is operated as a sole proprietorship. Let's understand why this is the correct answer.
Sole Proprietorship:
A sole proprietorship is a form of business organization where an individual, known as a sole proprietor, owns and operates the business entirely on their own. It is the simplest and most common form of business structure.
Characteristics of Sole Proprietorship:
1. Single Ownership: In a sole proprietorship, the business is owned and controlled by a single individual. Karan, in this case, owns and operates the boutique by himself.
2. Unlimited Liability: The sole proprietor is personally responsible for all the debts and obligations of the business. This means that if the business incurs any losses, Karan will be personally liable to pay them.
3. Easy Formation: Setting up a sole proprietorship is relatively easy and requires minimal legal formalities. Karan, with his skills and experience, opened the boutique without any partnership or incorporation.
4. Direct Decision Making: As the sole proprietor, Karan has complete control and authority over all the business decisions. He can introduce new designs and make any changes as per his vision and creativity.
5. Profit Retention: All the profits generated by the business belong to the sole proprietor. Karan enjoys the benefit of retaining all the profits earned from his boutique.
Why Sole Proprietorship is the Correct Answer:
Based on the given information, Karan has opened a designer boutique exclusively for bridal wear by himself. He has learned the art of zardozi work from his grandfather and father, indicating that he is the sole owner and operator of the business. Additionally, Karan has introduced new designs that are highly appreciated by everyone, which further confirms his sole proprietorship.
In conclusion, Karan's business is a sole proprietorship because he owns and operates the boutique by himself, has unlimited liability, has the freedom to make decisions, and retains all the profits.
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Karan has learnt the art of zardozi work from his grandfather and father. He opened a designer boutique exclusively for bridal wear all by himself. He introduced new designs in his work which is highly appreciated by everyone.What form of business organisation is operated by him?a)Sole proprietorshipb)Partnershipc)Private companyd)Public companyCorrect answer is option 'A'. Can you explain this answer?
Question Description
Karan has learnt the art of zardozi work from his grandfather and father. He opened a designer boutique exclusively for bridal wear all by himself. He introduced new designs in his work which is highly appreciated by everyone.What form of business organisation is operated by him?a)Sole proprietorshipb)Partnershipc)Private companyd)Public companyCorrect answer is option 'A'. Can you explain this answer? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Karan has learnt the art of zardozi work from his grandfather and father. He opened a designer boutique exclusively for bridal wear all by himself. He introduced new designs in his work which is highly appreciated by everyone.What form of business organisation is operated by him?a)Sole proprietorshipb)Partnershipc)Private companyd)Public companyCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Karan has learnt the art of zardozi work from his grandfather and father. He opened a designer boutique exclusively for bridal wear all by himself. He introduced new designs in his work which is highly appreciated by everyone.What form of business organisation is operated by him?a)Sole proprietorshipb)Partnershipc)Private companyd)Public companyCorrect answer is option 'A'. Can you explain this answer?.
Karan has learnt the art of zardozi work from his grandfather and father. He opened a designer boutique exclusively for bridal wear all by himself. He introduced new designs in his work which is highly appreciated by everyone.What form of business organisation is operated by him?a)Sole proprietorshipb)Partnershipc)Private companyd)Public companyCorrect answer is option 'A'. Can you explain this answer? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Karan has learnt the art of zardozi work from his grandfather and father. He opened a designer boutique exclusively for bridal wear all by himself. He introduced new designs in his work which is highly appreciated by everyone.What form of business organisation is operated by him?a)Sole proprietorshipb)Partnershipc)Private companyd)Public companyCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Karan has learnt the art of zardozi work from his grandfather and father. He opened a designer boutique exclusively for bridal wear all by himself. He introduced new designs in his work which is highly appreciated by everyone.What form of business organisation is operated by him?a)Sole proprietorshipb)Partnershipc)Private companyd)Public companyCorrect answer is option 'A'. Can you explain this answer?.
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