Commercial Applications
Which form of business ownership is represented in the image?
- Joint Hindu Family Business
- Partnership
- Sole Proprietorship
- Public Limited Company
Related Questions
In a sole proprietorship, decisions can be made ……………, whereas in a joint Hindu family business, decisions are made by …………… .
- By consensus; family members jointly
- Independently; the karta
- By majority vote; external consultants
- By board meetings; coparceners
The Sharma family runs a successful spice business that has been operating for generations. Customers trust their products because of the business's long-standing reputation. Which advantage of joint Hindu family business is illustrated in this case?
- Incentive to work hard
- Ancestral goodwill
- Ease of formation
- Quick decisions
A sole proprietor's business is experiencing rapid growth, but they are unable to meet financial demands. This reflects a limitation of the sole proprietorship structure.
- True
- False
Statement I: The Joint Hindu family business refers to a business which is owned by members of a Joint Hindu family.
Statement II: The Joint Hindu family form of business is one in which the family possesses some inherited property.
- Only I is correct
- Both I and II are correct
- Only II is correct
- Both I and II are wrong