Study the following case/situation and express your opinion

1) Mr. Raghunath Is running business from last 30 years, This business is ancestoral business of Mr. Raghunath. Kiran and Naman, two sons of Mr. Raghunath are helping him along with their wives,
(I) Find out the type of business?
(II) Who is Raghunath? 
(III) What Kiran and Naman are called?

Ans:
(i)   Joint Hindu Family Firm.
(ii) Raghunath is the Karta.
(iii) Kiran and Naman are called as co-parceners.

2) Mr. Jumbo a Chartered Accountant by profession and Mrs. Timbo, an Architect by professing running a firm namely ‘Bulldsheet’ in Nagpur.
(i) Identify business in above example. 
(ii) Comment on it? 
(iii) Which two professions are mentioned here? 
Ans :
(i) Partnership firm
(ii) It is a voluntary association of two persons with a common objective in mind.
(iii) A Chartered Accountant and an Architect.