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by Indian Companies Act ' .Personally liable for all kinds of risk attached to his business .The life of a firm having sole proprietorship is uncertain ]   "$ [ Firm is owned and managed jointly by more than one person [ Share the profits of the firm [ Minimum number 2 and maximum 20.    - =   .Limitations both in resource mobilization & managerial capabilities .

risk from dishonest copartners. lesser public confidence |5 . combined managerial abilities. mutual cooperation Demerits: Unlimited liabilities of each partner. larger financial resources.   " Joint-Hindu family business ‡ Registration of this business is not necessary Types of partnership:  Active partners  Sleeping partners  Secret partners  Quasi-partners Merits: .Ease of formation. flexibility in operation.

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which is established by law and can be dissolved only by law. & 6 * !"  ‡ Joint stock company is a voluntary association of persons who generally contribute capital to carry on a particular type of business. ‡ Business organization requires huge amount of capital investment ‡ Total capital of a joint-stock company is called Share capital ‡ Number of units called shares ‡ Members are also called shareholders | .

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Indian ‡ ii. Public Limited ‡ iii. Foreign |v . "# * !"  ‡ Let us classify the different types of companies on the basis of their ownership and nationality. ‡ i. Private Limited ‡ ii. Government pn the basis on nationality ‡ i.

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6 * !"  á â  Large Financial Resources â2 Limited Liability â Professional Management â Large-scale of Production â Contribution to the society â Research and Development Demerits â  Difficult to form â2 Excessive government control â Delay in policy decision â Concentration of economic power in few hands |ß .

'"    ‡ People associate voluntarily for the welfare of their common economic interest  Consumer¶s cooperative credit societies  Cooperative farming societies  Housing cooperatives  Producers¶ cooperative societies pbjective: To provide maximum service to its member and not to make profits [ Registered under the Cooperative Act. [ Government will have control over the working and supervision |å .

Railways. SBI. HAL |† . [ HMT. Post and Telegraphs.g. Industrial Financial corporation. Government Companies [ A company in which not less than   of share capital is owned by central or state govt. IpC. LIC etc. Broadcasting and Defence Statutory Corporations  Special Act passed by the Parliament or State Legislature is called statutory corporation  RBI. þ     Departmental prganization:  The company will be managed by a top executive appointed by the Ministry or Inter-departmental Board  E.

 ‡ Profit maximization  Market side âperfect competition. state- owned enterprises  Joint-stock company.  &  . imperfect competition.Market price of its equity capital ± current profit ± expected future profit ‡ Managerial motivation |' . partnership  Measurement problem ‡ Sales maximization ‡ Maximization of the growth of the firm -Sales ± Profits ± Productivity assets ‡ Maximization of the value of the firm .

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Market share goal . Profit goal 5 . . Sales goal .    [ The behaviourial inter-relationships and motivations of the various groups involved in running of the firm.Production goal âtarget and stability of production . Inventory goal .