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Different Kinds of Businesses Video Lecture | Footprints Class 6: Book Solutions, Notes & Worksheets
FAQs on Different Kinds of Businesses Video Lecture - Footprints Class 6: Book Solutions, Notes & Worksheets
| 1. What are the different types of businesses? |  |
Ans. There are several types of businesses, including sole proprietorships, partnerships, corporations, and cooperatives. A sole proprietorship is a business owned and operated by one individual. A partnership is a business owned and operated by two or more individuals. A corporation is a legal entity separate from its owners, and it offers limited liability to its shareholders. A cooperative is a business owned and operated by a group of individuals who work together to achieve common goals.
| 2. What is a sole proprietorship? | |
Ans. A sole proprietorship is a type of business that is owned and operated by a single individual. The owner has complete control over the business and is personally responsible for all its debts and liabilities. This type of business is easy to set up and has less legal formalities compared to other types of businesses. However, the owner also bears all the risks and losses associated with the business.
| 3. What is a partnership? | |
Ans. A partnership is a form of business organization where two or more individuals come together to carry out a business venture. In a partnership, the partners share the profits, losses, and responsibilities of the business. There are three main types of partnerships: general partnership, limited partnership, and limited liability partnership. Each type has its own set of rules and regulations governing the partnership.
| 4. What is a corporation? | |
Ans. A corporation is a legal entity that is separate from its owners, known as shareholders. It has its own rights, privileges, and liabilities distinct from those of its shareholders. The shareholders invest money in the corporation by buying shares, and in return, they receive ownership and the right to share in the profits of the company. The liability of the shareholders is limited to the amount they have invested in the company, protecting them from personal liability for the debts and obligations of the corporation.
| 5. What is a cooperative? | |
Ans. A cooperative is a type of business organization owned and operated by a group of individuals who work together to achieve common goals. The members of a cooperative pool their resources to provide goods or services to themselves. They have democratic control over the business, with each member having one vote regardless of their level of investment. Cooperatives operate on the principle of shared responsibility, shared benefits, and democratic decision-making.
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