S.Y.J.C. – O.C.
INDEX
Sr. No. Chapter Name Pg. Nos.
1. FORMS OF BUSINESS ORGANIZATIONS 1 – 26
2. BUSINESS SERVICES 27 – 48
3. EMERGING MODES OF BUSINESS 49 – 54
4. SOCIAL RESPONSIBILITY OF BUSINESS 55 – 65
5. CONSUMER PROTECTION 66 – 73
6. PRINCIPLES OF MANAGEMENT 74 – 79
7. FUNCTIONS OF MANAGEMENT 80 – 89
8. ENTREPRENEURSHIP DEVELOPMENT 90 – 93
9. 94 – 113
BOARD QUESTION PAPERS
,J. K. SHAH CLASSES S.Y.J.C – Organization Of Commerce
CHAPTER – 1
FORMS OF BUSINESS ORGANISATIONS
Q.1. DISTINGUISH BETWEEN
1. Sole Trading Concern and Partnership Firm
Sr. Basis of Sole Trading Concern Partnership Firm
No. Difference
1 Meaning Owned and controlled by only In this form of business
one person organization two or more
persons come together to
undertake a business and share
profits.
2 Formation It can be formed at any time It can be formed by an
when proprietor decides agreement between two more
competent persons.
3 Ownership Sole trading concern has only Minimum number of members
one owner are 2 and maximum 10 in
banking and 20 in other firm.
4 Registration Registration is not necessary Registration is not necessary,
but it is useful. (compulsory in
Maharashtra)
5 Secrecy A sole trading concern ensures Secrecy is shared by the partners
maximum secrecy
6 Managerial The entire burden of All partners contribute these
management lies on owner. skills so there is division of work
and expertise.
7 Capital Because of only one owner, Contribution of all partner’s
amount of capital is very small. capital increases.
8 Profit & Loss A Proprietor is himself receiver Profit is shared by partners as
all the profit or loss per their agreement.
9 Disputes No question of disputes as it is There are chances of disputes
a one man show among the partners
10 Flexibility A sole trading concern is A partnership firm is less
flexible flexible
2. Proprietorship and Joint Hindu Family Firm
Sr.No. Basis of Proprietorship Joint Hindu Family Firm
Difference
1 Meaning It is a form of commercial It is a form of commercial
organization which is owned organization. The ancestral
and managed by a single business is conducted by the
person family members of a Joint
Hindu Family
2 Membership There can not be more than There is no maximum limit on
one owner membership
: 1 : Forms of Business Organizations
,J. K. SHAH CLASSES S.Y.J.C – Organization Of Commerce
3 Ownership The business assets and All the family members are
properties are owned by the joint owners of business
proprietors. properties
4 Liability The liability of sole trader is Karta’s liability is unlimited.
unlimited Co-parcener’s liability is
limited.
5. Financial The financial resources are The funds are more than that
Resources available of a proprietor.
6. Stability It lacks stability since the It is comparatively more stable
existence of sole trading since after the death of Karta,
concern depends upon the the next senior family member
survival of the sole trader takes over as Karta and
continues business activities.
7. Profit and All the profit of the The profit and losses are
losses concerned belong to the sole shared by all the co-parceners.
trader and all losses are to be
borne by him.
8. Management Sole trading concern is Joint Hindu Family business is
managed by sole trader managed by Karta.
himself
3. Partnership Firm & Joint Hindu Family Firm
Sr. Basis of Partnership firm Joint Hindu Family Firm
No. Difference
1. Meaning When two or more person When joint Hindu family
come together to undertake conducts business, inherited by
some business activity and it as per Hindu law, it is called a
agree to share that profit, it is Joint Hindu family firm.
called a partnership firm.
2 Creation Partnership firm emerges out Joint Hindu family firm is
of contract between the created by the operation of
partners Hindu Law.
3 Membership There can be a minimum of 2 There is no limit on the number
partners and a maximum of of members since the
10 partners in banking membership keeps on changing
business and 20 in non- depending upon the birth and
banking business death in the family
4 Management All partners in partnership Karta is the key manager of
firm have equal managerial business who may be assisted by
rights. The business is jointly co-parcenersto a limited extent.
managed by all the partners.
5 Minor A minor member can be A male minor become a member
Members admitted to the benefits of merely by his birth
partnership with the consent
of all the partners
6 Regulating law It is governed by the Indian It is governed by the Hindu
partnership Act, 1932 Law.
: 2 : Forms of Business Organizations
, J. K. SHAH CLASSES S.Y.J.C – Organization Of Commerce
7 Liability of The liability of all the partners Only Karta’s liability is
Members is unlimited unlimited co-parcener’s liability
is limited.
8 Capital Contribution is more Contribution is comparatively
less
4. Partnership Firm & Joint Stock Company
Sr.No. Point of Partnership firm Joint stock company
Distinction
1 Meaning When two or more persons join It is voluntary association of
hands to undertake a business individuals for profit having
activity, it is called a capital divided into
partnership firm. transferable shares, the
ownership which is the
condition of membership
2 Membership The minimum number of The minimum of number of
partners are 2, the maximum members are 2 in private
for banking business is 10, limited company and a
while for non banking business, maximum of 50. In a public
it is 20 limited company, minimum
number of members are 7
and there is no maximum
limit.
3 Formation The formation is comparatively The formation involves
simple and less costly. Only a many complicated legal
partnership deed is required to formalities. Therefore it is
be prepared. Even registration tedious, costly legal
is option (Except in formalities. Therefore it is
Maharashtra) tremendously time
consuming.
4 Liability The liability of partners is The liability of every
unlimited. It is joint as well as shareholders is limited to the
several extent of the unpaid amount
on shares held by him
5 Act Partnership is controlled under Joint Stock company is
partnership Act, 1932. controlled under the India
companies Act, 1956.
6. Legal Status The partnership firm does not The joint stock company
enjoy independent legal status enjoys independent legal
distinct from its partners status. Distinct from its
shareholders.
7 Management Partnership firm is managed by Joint Stock company is
the partners themselves. managed by the elected
representatives of the
shareholders i.e. the Board of
Directors.
: 3 : Forms of Business Organizations
INDEX
Sr. No. Chapter Name Pg. Nos.
1. FORMS OF BUSINESS ORGANIZATIONS 1 – 26
2. BUSINESS SERVICES 27 – 48
3. EMERGING MODES OF BUSINESS 49 – 54
4. SOCIAL RESPONSIBILITY OF BUSINESS 55 – 65
5. CONSUMER PROTECTION 66 – 73
6. PRINCIPLES OF MANAGEMENT 74 – 79
7. FUNCTIONS OF MANAGEMENT 80 – 89
8. ENTREPRENEURSHIP DEVELOPMENT 90 – 93
9. 94 – 113
BOARD QUESTION PAPERS
,J. K. SHAH CLASSES S.Y.J.C – Organization Of Commerce
CHAPTER – 1
FORMS OF BUSINESS ORGANISATIONS
Q.1. DISTINGUISH BETWEEN
1. Sole Trading Concern and Partnership Firm
Sr. Basis of Sole Trading Concern Partnership Firm
No. Difference
1 Meaning Owned and controlled by only In this form of business
one person organization two or more
persons come together to
undertake a business and share
profits.
2 Formation It can be formed at any time It can be formed by an
when proprietor decides agreement between two more
competent persons.
3 Ownership Sole trading concern has only Minimum number of members
one owner are 2 and maximum 10 in
banking and 20 in other firm.
4 Registration Registration is not necessary Registration is not necessary,
but it is useful. (compulsory in
Maharashtra)
5 Secrecy A sole trading concern ensures Secrecy is shared by the partners
maximum secrecy
6 Managerial The entire burden of All partners contribute these
management lies on owner. skills so there is division of work
and expertise.
7 Capital Because of only one owner, Contribution of all partner’s
amount of capital is very small. capital increases.
8 Profit & Loss A Proprietor is himself receiver Profit is shared by partners as
all the profit or loss per their agreement.
9 Disputes No question of disputes as it is There are chances of disputes
a one man show among the partners
10 Flexibility A sole trading concern is A partnership firm is less
flexible flexible
2. Proprietorship and Joint Hindu Family Firm
Sr.No. Basis of Proprietorship Joint Hindu Family Firm
Difference
1 Meaning It is a form of commercial It is a form of commercial
organization which is owned organization. The ancestral
and managed by a single business is conducted by the
person family members of a Joint
Hindu Family
2 Membership There can not be more than There is no maximum limit on
one owner membership
: 1 : Forms of Business Organizations
,J. K. SHAH CLASSES S.Y.J.C – Organization Of Commerce
3 Ownership The business assets and All the family members are
properties are owned by the joint owners of business
proprietors. properties
4 Liability The liability of sole trader is Karta’s liability is unlimited.
unlimited Co-parcener’s liability is
limited.
5. Financial The financial resources are The funds are more than that
Resources available of a proprietor.
6. Stability It lacks stability since the It is comparatively more stable
existence of sole trading since after the death of Karta,
concern depends upon the the next senior family member
survival of the sole trader takes over as Karta and
continues business activities.
7. Profit and All the profit of the The profit and losses are
losses concerned belong to the sole shared by all the co-parceners.
trader and all losses are to be
borne by him.
8. Management Sole trading concern is Joint Hindu Family business is
managed by sole trader managed by Karta.
himself
3. Partnership Firm & Joint Hindu Family Firm
Sr. Basis of Partnership firm Joint Hindu Family Firm
No. Difference
1. Meaning When two or more person When joint Hindu family
come together to undertake conducts business, inherited by
some business activity and it as per Hindu law, it is called a
agree to share that profit, it is Joint Hindu family firm.
called a partnership firm.
2 Creation Partnership firm emerges out Joint Hindu family firm is
of contract between the created by the operation of
partners Hindu Law.
3 Membership There can be a minimum of 2 There is no limit on the number
partners and a maximum of of members since the
10 partners in banking membership keeps on changing
business and 20 in non- depending upon the birth and
banking business death in the family
4 Management All partners in partnership Karta is the key manager of
firm have equal managerial business who may be assisted by
rights. The business is jointly co-parcenersto a limited extent.
managed by all the partners.
5 Minor A minor member can be A male minor become a member
Members admitted to the benefits of merely by his birth
partnership with the consent
of all the partners
6 Regulating law It is governed by the Indian It is governed by the Hindu
partnership Act, 1932 Law.
: 2 : Forms of Business Organizations
, J. K. SHAH CLASSES S.Y.J.C – Organization Of Commerce
7 Liability of The liability of all the partners Only Karta’s liability is
Members is unlimited unlimited co-parcener’s liability
is limited.
8 Capital Contribution is more Contribution is comparatively
less
4. Partnership Firm & Joint Stock Company
Sr.No. Point of Partnership firm Joint stock company
Distinction
1 Meaning When two or more persons join It is voluntary association of
hands to undertake a business individuals for profit having
activity, it is called a capital divided into
partnership firm. transferable shares, the
ownership which is the
condition of membership
2 Membership The minimum number of The minimum of number of
partners are 2, the maximum members are 2 in private
for banking business is 10, limited company and a
while for non banking business, maximum of 50. In a public
it is 20 limited company, minimum
number of members are 7
and there is no maximum
limit.
3 Formation The formation is comparatively The formation involves
simple and less costly. Only a many complicated legal
partnership deed is required to formalities. Therefore it is
be prepared. Even registration tedious, costly legal
is option (Except in formalities. Therefore it is
Maharashtra) tremendously time
consuming.
4 Liability The liability of partners is The liability of every
unlimited. It is joint as well as shareholders is limited to the
several extent of the unpaid amount
on shares held by him
5 Act Partnership is controlled under Joint Stock company is
partnership Act, 1932. controlled under the India
companies Act, 1956.
6. Legal Status The partnership firm does not The joint stock company
enjoy independent legal status enjoys independent legal
distinct from its partners status. Distinct from its
shareholders.
7 Management Partnership firm is managed by Joint Stock company is
the partners themselves. managed by the elected
representatives of the
shareholders i.e. the Board of
Directors.
: 3 : Forms of Business Organizations
