B Com Exam > B Com Notes > Entrepreneurship & Small Businesses > Business Groups and Family Business in India - Types of Business Entities
Business Groups and Family Business in India - Types of Business Entities | Entrepreneurship & Small Businesses - B Com PDF Download
1: Business Group
A business group or corporate group refers to a group of companies including holding and subsidiary companies which are under the same management and are subject to same administrative and financial controls. In a business group, all the key managerial positions are held by the virtue of skill/talent and not by status or association to a particular family.
2: Family Business
A family business is aggregate of two terms: family and business.Family business is a business run by a particular family.Initially when a business is started it is like any ordinary business but as the time passes, various generations of the family gets involved and it becomes a family business where key managerial positions by held by the family members.
In a family business decision making authority lies with only the family members; family members may be close or extended, may be connected through marriage or blood. Decision making is centralized at the top level of the management.In a family owned business top level positions are held by family members across generations.Not only decision making lies in the hands of family members but the control and ownership also rest with the family members.One of the family members is major shareholder who acts CEO of the company.
Another unique feature of the family business is that there is no separation of ownership and management.
In India, after independence there were mainly family businesses in the private sector. Famous family businesses that existed at that time were: Tata, Birla, Dabur, Bajaj and a few others. Since 1980’s, when the economic environmentin India became less restrictive, many family businesses have flourished. Sincethen number of businesses both family and non-family have grown exponentially. It is usually said the first generation builds, the second generation holds, and the third generation ends the family business.But this myth has been broken in India.In India we have many first,second and third generation family business.Famous
Third Generation Business: Tata, Birla,Bajaj group,Hero group,Dabur
Second Generation Business: Reliance, Wipro
First generation Business: Adani Group,Future Group,Bharti Enterprises
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FAQs on Business Groups and Family Business in India - Types of Business Entities - Entrepreneurship & Small Businesses - B Com
| 1. What are the different types of business entities in India? |  |
Ans. In India, there are several types of business entities, including sole proprietorship, partnership, limited liability partnership (LLP), private limited company, and public limited company. Each entity has its own advantages and legal requirements.
| 2. What is a sole proprietorship in India? | |
Ans. A sole proprietorship is a type of business entity where an individual owns and operates the business. It is the simplest form of business and does not require any formal registration. The owner is personally liable for all the business liabilities and has complete control over the business operations.
| 3. What is a private limited company in India? | |
Ans. A private limited company is a type of business entity that is privately held by a small group of shareholders. It requires a minimum of two directors and two shareholders. The liability of the shareholders is limited to the amount they have invested in the company. A private limited company is required to follow certain legal formalities and regulations.
| 4. What is a partnership in India? | |
Ans. A partnership is a type of business entity where two or more individuals come together to carry out a business with the goal of making a profit. The partners share the profits, losses, and liabilities of the business. A partnership can be registered or unregistered, but it is advisable to register the partnership to avail legal benefits and protection.
| 5. What is a family business in India? | |
Ans. A family business in India is a business entity that is owned and operated by members of the same family. It can be any type of business entity, such as a sole proprietorship, partnership, or private limited company. Family businesses play a significant role in the Indian economy and often pass on from one generation to another.
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