Answer in one sentences
1) What is Sole Trading Concern?
Ans: Sole Trading Concern Is a type of business which is owned, managed and controlled by one person.
2) What do you mean by partnership firm?
Ans: A business owned and managed by two or more persons sharing profits and losses is called a partnership firm.
3) What is the meaning of Joint Stock Company?
Ans: Joint Stock Company is an artificial person created by law, having an Independent legal status, owned by shareholders and managed by Board of Directors.
4) What is Joint Hindu Family business?
Ans: A Joint Hindu Family is a form of business organization which runs from one generation to another according to the Hindu Law.
5) What do you mean by Co-operative Society?
Ans: Cooperative Society Is a voluntary association of Individuals which Is formed for providing services to members.
6) What do you mean by minor partner?
Ans: A minor partner is a partner who Is admitted Into the partnership firm for the benefit of the firm with the consent of all partners.
7) What is Quasi Partner?
Ans. Quasi partner is a partner of the partnership firm who has retired from the firm but has left his capital behind In the firm.
8) What do you mean by partner-In-profits only?
Ans. A partner-In-profits only Is a partner who gets into an agreement to share only the profits of the partnership firm and not the losses.
9) What do you mean by general partnership?
Ans: General partnership Is a form of partnership where, the liability of all the partners is unlimited, Joint and several. Every partner has an equal right and it can be formed under the Partnership Act of 1932.
10) What is the meaning of Private Company?
Ans: A Private Limited company is a company which by Its articles restricts the right to transfer share, limits the maximum number of members to 200.
11) What do you mean by Public company?
Ans. A public company means a company which is not a private company.