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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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What is the role of small business in India?

     Small scale industries are small in size but play a big role in the economic development of a developing country like in India. India has adopted the ideal of a socialistic pattern of societyy with full employment, balanced regional development and self-reliance as the major objectives.       Small scale firms are helpful in the achievement of these goals in the following ways :   1. Employment : Small scale firms use labour-intensive techniques and, therefore, they have high potential to provide employment to a larger number of people per unit of capital. For every worker employed in large scale industries, about three workers are engaged in small scale industries. Small firms promote self-employment particularly among the educated and professional class. They also provide employment to agriculturists who remain idle during a part of the year. Several studies have revealed that the employment generating capacity of small scale industries is about...
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