Q1: State three advantages of joint Hindu Family business.
Ans: (i) Effective control
(ii) Continuity of business
(iii) limited liability of members
(iv) Increased loyalty. (any three)
Q2: Explain the features of a Joint Hindu Family business.
Ans: (i) Formation
(ii) Liability
(iii) Control
Q3: List any three advantages of partnership.
Ans: (i) Easy to start and close
(ii) proper decision making
(iii) More money
(iv) secrets are maintained.
Q4: State the important features of partnership.
Ans: (i) Formation
(ii) Liability
(iii) Risk bearing
(iv) decision making
(v) continuity
(vi) Member .
Q5: What are the consequences of non registration of a partnership firm?
Ans: A Partner of an unregistered firm cannot file a case against the firm or other partners. The firm cannot file a case against third parties.
The firm cannot file a case against the partners.
Q6: Explain any three features of a company.
Ans: (i) Artificial person
(ii) Formation is difficult
(iii) Company has separate Identity.
Q7: Enumerate the various types of cooperative societies.
Ans: (i) Consumer
(ii) Producer
(iii) Marketing
(iv) Farmer’s
(v) Credit
(vi) Cooperative housing societies
Q8: What are the functions of a promoter?
Ans: (i) Finding out a business opportunity
(ii) Conducting studies
(iii) Getting the name approved.
(iv) Fixing up persons to sign Memorandum of Association.
(v)Appointment of professionals.
(vii) preparation of necessary Documents.
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