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A firm is the name of
- a)the partners
- b)the minors in the firm
- c)the business under which the firm carries on business
- d)the collective name under which it caries on business
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
A firm is the name ofa)the partnersb)the minors in the firmc)the busin...
Understanding the Concept of a Firm
A firm represents a crucial concept in business and legal contexts. It is essential to understand its implications, especially in partnership and corporate structures.
Definition of a Firm
- A firm is essentially the collective name under which business activities are conducted.
- It acts as the identity of the business, distinguishing it from others.
Characteristics of a Firm
- Collective Identity:
- The term "firm" signifies a group of individuals or partners who come together to conduct business.
- This collective identity is essential for legal and financial purposes.
- Business Operations:
- A firm is not just a name; it encapsulates the operations, responsibilities, and liabilities of its members.
- It can be a sole proprietorship, partnership, or a corporation, but the term “firm” is often used to refer to partnerships.
Legal Implications
- Liability and Responsibility:
- The firm is responsible for its actions and obligations, which can impact the partners or owners depending on the type of firm structure.
- Distinct from Individuals:
- The firm as a name helps in differentiating the business from individual partners or owners, thus providing a layer of protection and clarity.
Conclusion
In summary, a firm serves as the collective name under which business operations are carried out. It emphasizes the collaborative nature of business activities and highlights the legal and operational framework within which partners work. Understanding this definition is crucial for anyone pursuing studies in business or law, particularly in the context of partnerships.
A firm represents a crucial concept in business and legal contexts. It is essential to understand its implications, especially in partnership and corporate structures.
Definition of a Firm
- A firm is essentially the collective name under which business activities are conducted.
- It acts as the identity of the business, distinguishing it from others.
Characteristics of a Firm
- Collective Identity:
- The term "firm" signifies a group of individuals or partners who come together to conduct business.
- This collective identity is essential for legal and financial purposes.
- Business Operations:
- A firm is not just a name; it encapsulates the operations, responsibilities, and liabilities of its members.
- It can be a sole proprietorship, partnership, or a corporation, but the term “firm” is often used to refer to partnerships.
Legal Implications
- Liability and Responsibility:
- The firm is responsible for its actions and obligations, which can impact the partners or owners depending on the type of firm structure.
- Distinct from Individuals:
- The firm as a name helps in differentiating the business from individual partners or owners, thus providing a layer of protection and clarity.
Conclusion
In summary, a firm serves as the collective name under which business operations are carried out. It emphasizes the collaborative nature of business activities and highlights the legal and operational framework within which partners work. Understanding this definition is crucial for anyone pursuing studies in business or law, particularly in the context of partnerships.
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A firm is the name ofa)the partnersb)the minors in the firmc)the business under which the firm carries on businessd)the collective name under which it caries on businessCorrect answer is option 'D'. Can you explain this answer?
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A firm is the name ofa)the partnersb)the minors in the firmc)the business under which the firm carries on businessd)the collective name under which it caries on businessCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A firm is the name ofa)the partnersb)the minors in the firmc)the business under which the firm carries on businessd)the collective name under which it caries on businessCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A firm is the name ofa)the partnersb)the minors in the firmc)the business under which the firm carries on businessd)the collective name under which it caries on businessCorrect answer is option 'D'. Can you explain this answer?.
A firm is the name ofa)the partnersb)the minors in the firmc)the business under which the firm carries on businessd)the collective name under which it caries on businessCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A firm is the name ofa)the partnersb)the minors in the firmc)the business under which the firm carries on businessd)the collective name under which it caries on businessCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A firm is the name ofa)the partnersb)the minors in the firmc)the business under which the firm carries on businessd)the collective name under which it caries on businessCorrect answer is option 'D'. Can you explain this answer?.
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