What is Organization:-
An organization is a group of
people who work together, like
a charity, a union, or a
No Profit Motive.
It can be Government also.
Haryana Tourism Board etc
What is Business Organization:-
An business organization
is a group of people who
work together to satisfy
there needs with motive
Profit is Motive.
Types of Business Organizations:-
Joint Hindu Family Business.
Joint Stock Company.
Sole implies ‘Only’ and Proprietor
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
Owner has full control decision
For eg- Apple,Coco-Cola
Joint Hindu Family Business:-
Oldest form of business found in
Business is controlled by
the head of the family called
generations can be the
member in the business.
It is governed under
succession act 1956 under
For eg- Haldirams, Mahindra
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 tells us about profit sharing ratio
and other things.
Decision making is balanced.
Partners has unlimited liablity.
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
Formation is time Expensive and time
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.
Means working together for a same
Registration require under the
cooperative Societies Act of 1912.
After registration Society gets is legal
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.
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