OMTEX CLASSES
ORGANISATION OF COMMERCE AND MANAGEMENT
OMTEX CLASSES
8
th
years of success
ORGANISATION OFCOMMERCEAND MANAGEMENT
NAME
: - ______________________________
STANDARD
: -
S.Y.J.C (Second year junior college)CLASSES
: -
OMTEX CLASSES
FOR PRIVATE CIRCULATION ONLY
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OMTEX CLASSES
ORGANISATION OF COMMERCE AND MANAGEMENT
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FEATURES OF SOLE TRADING CONCERN?
Meaning
:
Sole trading concern is the oldest form of commercial organisation. Sole means one person,so a sole trading concern is an organization where all the business activities are controlled andmanaged by one man. And he is also solely responsible for the all the debts and risk of the firm.
Definition
:
“
A sole trader is a person who trades on his own account rather than in partnership or as amember of a company.
”
Defined by (
Michael Greener
)The following are some of the features of a sole trading concern.
OMTEX
1.Single ownership2.Unlimited liability3.Limited government control4.Business secrecy5.Flexibility6.No sharing of profit and losses7.Absence of Legal status
THE ABOVE IMPORTANT FEATURES ARE EXPLAINED BRIEFLY DETAIL IN UNDER
1.
Single ownership
: The sole trader is a single owner of the organization. The sole trader owns all theassets and property of the business. The sole trading concern is often referred (said) as “one manshow”2.
Unlimited liability
: The liability of the sole trader is unlimited. This means he is alone responsiblefor all the risks and debts of the firm.3.
M inimum government control
: Sole trading concern is less affected by government control. This is because, there are almost no legal formalities are required to start or close down a business.4.
Business secrecy
: The sole trader can maintain complete business secrecy. He needs not to publishany accounts and reports to any body. Competitors cannot easily get business secrets andinformation of the sole trader’s activities.5.
Flexibility
: Sole trader enjoys maximum flexibility. He can take right decision at the right timedepending upon the situation. At any time, he need not have to consult with anyone because he is asingle owner of his business.6.
No sharing of profit and losses
: There is a direct relationship between efforts and rewards. Thisresults in best possible efforts on the part of sole trader. Therefore, he can enjoy all the profits of his business.7.
Absence of Legal status
: - Legally, the sole trader and his business concern are one and the same inthe eyes of law. The sole trader and his business cannot be separated from each other. So the soletrader lacks legal status.2.
FEATURES OF JOINT HINDU FAMILY BUSINESS?
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