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Sole Proprietorship

       Sole Proprietorship is a popular form of business organization and it is the most suitable form of organization for small businesses. It is one of the oldest, simplest, and common form of business organization. Sole proprietorship form of business is established, financed, owned, and managed by a single person who is known as, Sole Trader or Sole Proprietor . The sole trader bears all the risks and he alone is responsible for all the profit and losses of his business. He may borrow funds and employ people to help him but the ultimate authority and responsibility lie in his hands. Therefore, Sole trader business is a one-man show. Definition of Sole Proprietorship by L.H. Haney        The individual proprietorship is the form of business organization at the head of which stands an individual as one who is responsible, who directs its operations and who alone runs the risk of failure. Definition by B.O. Wheeler       The sole ...
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Classification of Human Activities

Unit 1 - Nature and Purpose of Business Chapter 1- Classification of human activities        Points covered in this chapter:- Meaning and characterstics of Human Activities Classification of human activities - Economic and Non-Economic Activities Distinction between Economic and Non- Economic Activities Types of Economic activities Distinction between Business, Profession and Employment. Click here to download the Chapter Notes;   Download
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Classification of Business Activities ( Part 2) - Commerce

            Commerce and Its Nature            Commerce refers to all those activities which are necessary for bringing goods from the place of their consumption. Commerce includes not only trade but also services such as transport, warehousing, packaging, insurance, banking and sales promotion which are incidental or auxillaries to trade. Characteristics of Commerce 1. Economic Activity : Commerce is an economic activity because it consists of activities which are undertaken for earning profits. A trader buys goods with the aim of selling them at a profit. 2. Exchange of goods and services : Commerce involves exchange and distribution of goods and services. Goods may be purchased or produced for sale. 3. Profit Motive : The motive of commercial activities is to earn profits. Any activity which does not have the aim of profit will not be a part of commerce. 4. Regularity of transaction : An isolated transaction does no...
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