Law of Marginal Utility Introduction The law of marginal utility reflects human behavior. It determines how people spend their time and money and how much value they assign to each item in their lives. The law states that the utility of an additional unit of a good or service decreases directly to the increase in …
Meaning of Industrial Combination When two or more business units join to work together, ending all competition between them, it is called Industrial Combination. In other words, combining various units attaining their objectives economically; keeping in mind the welfare of the people is called Combination. For combining, it is not necessary for both the units …
The optimum size of a Business Unit is a size where production is maximum at minimum cost. Meaning of the Optimum Size The Optimum Size of a business unit refers to such a unit that has all the factors of production in an ideal proportion such that, the factors of production are united in such …
Type of Company We can classify the company on several bases but the following are the main types of companies Limited Liability Companies Unlimited Liability Companies Private Companies Public Companies Incorporated Companies Unincorporated Companies
Joint Stock company A Joint Stock company is formed to gain profits by a group of people under the act in which capital is not transferable and the shareholders carry limited liabilities. Any individual can file a case against a company and vice-versa. A company carries an under which it runs; its business and its …
A Joint Stock Company is said to be an Artificial Person create by law, having a separate entity with a perpetual succession and a Common Seat. Brief History It is assumed that the company came into existence in the 12th century in Italy and in the 16th century in England. In India first of all …
Prior to the year 1932, there was no arrangement for the registration of firms in India. But after the enforcement of the Partnership Act, 1932, provisions for registration of firms were made. But for partnership firms, registration was made voluntary and not compulsory, or registration of the firm is dependent on the will of the …
A partner has unlimited personal liability in a partnership firm. The liabilities of partners are unlimited in all firm contracts. They are jointly and severally liable for all torts committed by one of the partners or by a firm employee within the scope of the partnership’s business.
A partnership is a voluntary organization of two or more persons who agree to earn profits from a lawful business and share it among themselves. The persons who participate in this business are individually called ‘Partners’ and cumulatively called a ‘Firm’. The name in which the business is carried on is called ‘the name of …
Introduction and Meaning A partnership is a mutual relationship between two or more persons, who make a contract to share profits and losses among themselves from the exercises of a specific business. In other words, when two or more persons agree to carry on a business for mutual profits, it is said that they …
Partnership : Definition and Its Characteristics Read More »
