Business Low Unit 1 | Part 2 BBA First Year 2023

Unit 1 | Part 2 BBA First Year 2023-In this comprehensive guide, we provide you with expert insights, strategies, and tips to excel in your studies and unlock your full potential. Whether you’re a seasoned student or just starting your BBA journey.

Unit-1

Partnership deed

• Partnership deed is the written agreement which specifies the terms and conditions that govern the partnership
• The partnership deed generally includes the generally includes the following aspects:

1. Name of firm
2. Nature of business and location of business
3. Duration of business
4. Investment made by each partner
5. Distribution of profits and losses
6. Duties and obligations of the partners
7. Salary and withdrawals of the partners
8. Terms governing admission, retirement and expulsion of a partner
9. Interest on capital and interest o drawings
10. Procedure for dissolution of the firm
11. Preparations of account and their auditing
12. Method of solving disputes

Cooperative society

• Cooperative society is a voluntary association of persons who join together with the motive of welfare of the member
• It aims to protect and promote economic and social interests it is an association of persons not of capital

Features of cooperative society

• Voluntary membership
• Legal status
• Limited liability
• Control
• Service motive

Merits of cooperative society

• Equality in voting status
• Limited liability
• Stable existence
• Economy in operations
• Support from government

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Limitation of cooperative society

• Limited resource
• Inefficiency in management
• Lack of secrecy
• Government control
• Differences of opinion

Types of cooperative societies

• Consumer’s cooperative society
• Producer’s cooperative society
• Marketing cooperative society
• Farmer’s cooperative society
• Credit cooperative society
• Cooperative housing society

Joint stock company

• A company is an association of persons formed for carrying out business and has a legal status independent of its members.
• It is governed by the companies act 1956

Feature of joint stock company

• Artificial persons
• Separate legal entity
• Formation
• Perpetual succession
• Control
• Liability
• Common seal
• Risk bearings
• Transfers of shares

Merits of joint stock company

• Limited liability
• Transfer of interest
• Perpetual existence
• Scope for expansion
• Professional management

Limitation of joint stock company

• Complexity in formation
• Lack of secrecy
• Impersonal work environment
• Numerous regulations
• Delay in decisions making
• Oligarchic management
• Conflict in interests

FAQ

Question 1: What is Partnership Deed?

Answer: Partnership deed is a legal document that defines the agreement between the partners, such as business responsibilities profit sharing, and liabilities.

Question 2: What is cooperative society?

Answer: Cooperative society is an organization where people work together to help each other for their prosperity and social development.

Question 3: what is joint stock company?

Answer: Joint stock company is a company in which share holders invest their money and buy shares of the company. The ownership of each shareholder is determined by the shares of the company.