2. What is Organization:-
An organization is a group of
people who work together, like
a charity, a union, or a
corporation.
No Profit Motive.
It can be Government also.
Haryana Tourism Board etc
3. What is Business Organization:-
An business organization
is a group of people who
work together to satisfy
there needs with motive
of profit.
Profit is Motive.
Private Players.
Taj Group,Oberoi
Group.
4. Types of Business Organizations:-
Sole Proprietorship.
Joint Hindu Family Business.
Co-operative Society.
Partnership.
Joint Stock Company.
5. Sole Proprietorship:-
Sole implies ‘Only’ and Proprietor
means ‘owner.’
Formation and closure of this type
of business is very easy and there
are no such legal formalaties.
Onwer is the bearer of all the
profits and the losses.
Sole proprietorship has unlimited
liablity.
Owner has full control decision
making.
For eg- Apple,Coco-Cola
6. Joint Hindu Family Business:-
Oldest form of business found in
India.
Business is controlled by
the head of the family called
‘Karta’.
Three successive
generations can be the
member in the business.
It is governed under
succession act 1956 under
Hindu Law.
For eg- Haldirams, Mahindra
and Mahindra.
7. Partnership:-
Acc to IPC-1932 when two persons agrees
to shares the profit of business carried by
both of them is known as partnership.
More than one person is require to start a
partnership-IPC 1932 and Companies Act
2013 maximun parnters in P-firm not
more than 50.
Formation can be done through
agreement and called as partnership
deed.
Deed tells us about profit sharing ratio
and other things.
Decision making is balanced.
Partners has unlimited liablity.
8. Joint Stock Company:-
Company is an association of
persons who can carrying business
activities has a legal status and
seperate legal identity. Its owned by
investors.
Formation is time Expensive and time
taking.
JSC is governed under companies
act of 2013.
Stake holders are the owner of the
company and BOD is the chief
managing body of the company.
It is necessary for private company to
use ‘PVT LTD’ after its name.
Min 02 members and max 200
members in the joint stock company.
9. Cooperative Society:-
Means working together for a same
purpose.
Registration require under the
cooperative Societies Act of 1912.
After registration Society gets is legal
Identity.
At least 10 members are require to
form a cooperative society.
Main movie is to safeguard to weaker
section from exploitation.
They provide to health,credit and
training facilites to the produces.
#Worker Cooperatives.
#Housing Cooperatives.
#Financial Cooperatives.