LEGAL FORMS OF ORGANISATION

PARTNERSHIP The limitation and deficiency of a sole trader are that lack of limited financial resources, limited managerial skills and concentrated risk led to the emergence of partnership as a form of organisation. When two or more persons join together in business with common ownership and management under an agreement, it is known as a PARTNERSHIP. PARTNERSHIP MEANS […]

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LEGAL FORMS OF ORGANISATION

SOLE PROPRIETORSHIP A business enterprise may be run by one person or group of person. When it is owned by one person, it is known as a sole proprietorship. Excepting this form of organisation, all other forms of business organisations come under the category of ‘group ownership’ or ‘joint ownership’. GROUP ownership may take the form of operative […]

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