(d) Employees (f) Chartered accountancy firm A private company enjoys certain exemptions or privileges which are often not available to a public company. (d) All business organisations (a) One share one vote Once the registration is complete, the cooperative society is granted the status of a separate legal entity. 1.6 Significance Of The Study The study examines the factors affecting the performance of cooperatives in Kaduna state. (b) Partnership Internal Finance – Cooperative societies act limits the amount of divided that can be declared by the society to 6.25% of capital. All the partners jointly manage and control the firm. Among the given alternatives, a partnership is highly suitable for the following types of businesses. He needs no permission from the coparceners (joint heirs) before taking any action. Limitations Of Cooperative Society . (c) Uncertain life: In the eyes of the law, a sole proprietor and his or her business are regarded as the same entity. Hence, the correct answer is option (b). Some believed in the idea of cooperatives, others felt that cooperatives could not be built on a wide scale only through individual initiative. Co-operative Society: HSC B. A person can be regarded as a ‘partner by estoppel’, if he or she through his/her actions or behaviour, leaves an impression on third parties that he or she is a partner in a particular firm. MCQ Questions for Class 10 Social Science with Answers was Prepared Based on Latest Exam Pattern. Q5 :Distinguish between a Joint Hindu family business and partnership. Then the family rushed out of the house. (a) Ease in formation and closure of business: There are hardly any legal formalities to be fulfilled for setting up a sole proprietorship firm. (a) Grocery store Hence, as a result, a partnership firm faces financial constraints, which in turn impedes its growth prospects. These limitations include unlimited liability, limited resources, possibility of conflicts and lack of continuity. If the organization has not done basic strategic planning in some time. (c) Company Cooperatives mostpatronized depend on the patronage of their ownby members members and not from non-members. The others that followed were as follows: Pioneer Urban Cooperative Society in Bombay (1905) No.1 Military Accoun t s Mutual Help Co-operative Credit Society in Poona (1906). The board of directors in turn appoints the top officials for managing the business operations. 1. Q8 :How does a cooperative society exemplify democracy and secularism? Answer : Answer : Limitations. Cooperative societies usually suffer from the following limitations. Q3 :Why is it important to choose an appropriate form of organisation? On the other hand, it is mandatory for a public company to obtain a certificate of commencement along with a certificate of incorporation before starting business. (b) Common seal: A company is an artificial entity that is created under the law. (a) Options to choose among various business forms: As there exist numerous forms of business organisations such as sole proprietorship, partnership, cooperative society and company, the choice of an appropriate business organisation is important, because each business form has its own merits and demerits. 5. (c) Craft centre However, socialists cherished different visions of the future. The elections in such societies are governed by the principle of ‘one member, one vote’. (b) Medical store free market, socialist. (c) Legal consultancy Unlimited liabilities society; Any member is not liable to pay more than the nominal value of the share held by him and no member can own more than 20% of the shares of society. The elections in cooperative societies are based on the principle of ‘one man, one vote’. However, if a proprietor is dealing in drugs and liquor products, then a licence has to be acquired. A few of these disadvantages are listed below. (a) Consumer cooperative societies: These are formed to provide consumer goods at reasonable prices to its members. A) societal B) Operational C) Functional D) none of the above. (a) Partnership In contrast, a public company has to seek permission from the government before advancing loans to its directors. (b) Business factors: Every type of business form is influenced by its respective business-related factors, namely, need of funds, risk involved, amount of profits and legal obligations. Its registration is also easy. These Objectives are important for the competitive exams held by PPSC for seats of Assistant Registrar Cooperative Societies and Inspector Cooperative Societies. Consequently, cooperative societies often lack efficiency. In 1904, Cooperative Credit Societies Act, was enacted. Limitations of Cooperative Societies Thus, being the sole owner of the business, he or she becomes the single recipient of all the profits of the business. Q9 :What is meant by ‘partner by estoppel’? The presence of this seal authenticates the documents, and documents with a common seal can be provided as evidence in a court of law. (c) Nominal partner (a) Proprietor (b) Commencement of business: A private company can start its business operations right from the day of receiving the certificate of incorporation. Explain. The procedure for closing down a sole proprietorship firm is also hassle-free and easy. (c) No vote (ii) maximum nuber of new partners who can be admitted in the firm NCERT Solution Class 11 Chapter -2 Forms of Business Organisation, A detailed Guide to Financial Ratios – Ratio Analysis, NCERT Solution Class 11 Chapter-1 Nature and Purpose of Business, NCERT Solution Class 11 Business Studies Chapter -3 Private, Public and Global Enterprises, Difference between Joint Hindu family business and Partnership. The following are the advantages of the Co-operative Society: 1. Q6 :Profits do not have to be shared. The fundamental objective of every organisation is. Learn vocabulary, terms, and more with flashcards, games, and other study tools. (b) Joint Hindu family business The reason is that a legal consultancy and a chartered accountancy firm require high managerial ability to handle the diverse activities and the comparatively wide range of operations. A cooperative society is a voluntary association of persons who get together to protect their economic interests. This makes decision making quick and easy. Although the basic aim of forming a cooperative society is to develop a system of mutual help and cooperation among its members, yet the feeling of cooperation does not remain for long. (i) maximum number of partners allowed in a partnership firm by definition Answer : 2; 7; 10; 50; Correct Answer: 50. Classes can be divided up into several groups. Answer : If a businessperson opts for a particular business form without correctly evaluating the growth prospects, then the business may fail or the long-term growth prospects of the business will suffer. (b) Balanced decision making: In a partnership firm, all the decisions related to the business are taken collectively by all the partners. The choice of an appropriate form of business organisation is important for the following reasons. Q.14) In case of _____ Registration is compulsory. It can utilize the funds available in the general reserve. 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