CA Foundation Exam > CA Foundation Videos > Business and Commercial Knowledge (Old Scheme) > Business Organizations - 1
Business Organizations - 1 Video Lecture | Business and Commercial Knowledge (Old Scheme) - CA Foundation
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FAQs on Business Organizations - 1 Video Lecture - Business and Commercial Knowledge (Old Scheme) - CA Foundation
| 1. What are the different types of business organizations? |  |
Ans. There are several types of business organizations, including sole proprietorship, partnership, corporation, and limited liability company (LLC). Each type has its own characteristics and legal structure.
| 2. What is a sole proprietorship and how does it work? | |
Ans. A sole proprietorship is a type of business organization owned and operated by a single individual. The owner is personally liable for all debts and obligations of the business, and they have complete control over decision-making. The income and losses of the business are reported on the owner's personal tax return.
| 3. What is a partnership and what are its advantages and disadvantages? | |
Ans. A partnership is a business organization owned by two or more individuals who share the profits and liabilities. The advantages of a partnership include shared decision-making, shared workload, and potential for more resources and expertise. However, disadvantages include unlimited personal liability, potential conflicts between partners, and the possibility of shared losses.
| 4. What is a corporation and what are its advantages and disadvantages? | |
Ans. A corporation is a legal entity separate from its owners, known as shareholders. It has its own rights, liabilities, and obligations. The advantages of a corporation include limited liability for shareholders, ease of transferring ownership, and potential access to more capital. However, disadvantages include complex legal requirements, double taxation (on both corporate profits and individual dividends), and more formalities in operation.
| 5. What is a limited liability company (LLC) and how is it different from other business organizations? | |
Ans. A limited liability company (LLC) is a hybrid business organization that combines the benefits of a corporation and a partnership. It provides limited liability protection for its owners, known as members, similar to a corporation. However, it offers more flexibility in terms of management, taxation, and record-keeping compared to a corporation. Additionally, an LLC can choose to be taxed as a partnership or a corporation, providing tax advantages based on the specific needs of the business.
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Nov 08, 2024 Last updated |
Video Description: Business Organizations - 1 for CA Foundation 2024 is part of Business and Commercial Knowledge (Old Scheme) preparation.
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