Commerce Exam > Commerce Notes > Very Short Answer Questions: Forms of Business Organisation
Very Short Answer Questions: Forms of Business Organisation - Commerce PDF Download
Q1: Varun is the only owner of his restaurant. Name the form of business organization.
Ans: Sole proprietorship.
Q2: Name the form of organization found only in India
Ans: Joint Hindu Family.
Q3: List two merits of Sole proprietorship.
Ans: (i) Single ownership
(ii) Full control.
Q4: Name any one business in which sole proprietorship is most suitable.
Ans: Tailoring
Q5: Name the type of partnership which is formed to accomplish a specific project for a specific time.
Ans: Particular partnership
Q6: State any one consequence of non registration of a partnership firm.
Ans: An unregistered firm cannot file a case against third parties.
Q7: What is the minimum number of persons required to form a cooperative society?
Ans: Ten
Q8: Name the type of company which can invite the public to subscribe for the shares or debentures.
Ans: Public.
Q9: Name the process by which a joint stock company is registered.
Ans: Incorporation.
Q10: Name the document which defines the object and powers of the company.
Ans: Memorandum of Association.
FAQs on Very Short Answer Questions: Forms of Business Organisation - Commerce
| 1. What are the different forms of business organization? |  |
Ans. The different forms of business organization include sole proprietorship, partnership, corporation, cooperative, and franchise.
| 2. What is a sole proprietorship? | |
Ans. A sole proprietorship is a form of business organization where a single individual owns and operates the business. The owner has complete control and is personally liable for all debts and liabilities.
| 3. What is a partnership? | |
Ans. A partnership is a form of business organization where two or more individuals share ownership and management of the business. Each partner contributes to the business and is personally liable for its debts and obligations.
| 4. What is a corporation? | |
Ans. A corporation is a legal entity that is separate and distinct from its owners. It is owned by shareholders and managed by a board of directors. The shareholders have limited liability, and the corporation can raise capital by issuing stocks.
| 5. What is a franchise? | |
Ans. A franchise is a form of business organization where an individual or company (franchisee) is granted the right to operate a business using the brand, products, or services of another company (franchisor). The franchisee pays fees or royalties to the franchisor in exchange for the right to use the established business model.
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Sep 24, 2025
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