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Business Studies

Sole Proprietorship

A formation o...

Question

A formation of _______________________ does not require any legal documentations.

A

Partnership

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B

Sole proprietorship

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C

Joint Stock Company

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D

Partnership

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Solution

The correct option is B
Sole proprietorship

A formation of sole proprietorship does not require any legal documentation.

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As compared to a sole proprietorship and partnership organization, joint stock company formation is easier.

Q. a) From legal point of view, a joint stock company is recognised as separate legal entity from the shareholders.
b) Partnership firms and sole trading businesses do not have legal entity, but they have business entity for accounting purposes.
Of these

Q. State whether the following statements are True or False:
(a) A joint stock company is separate legal entity.
(b) A company survives even if all its members die.
(c) A joint stock company is a voluntary association of persons.
(d) A joint stock company is less stable than a partnership.
(e) Registration of a joint stock company is optional.
(f) There can be no conflict of interest in a joint stock company.
(g) A company is an artificial legal person.

Profits do not have to be shared. This statement refers to

(a) Partnership

(b) Joint Hindu family business

(c) Sole proprietorship

(d) Company

Q. Fill in the blanks:
(a) Sole proprietorship is the _______ from of business enterprises, (latest / oldest)
(b) Sole proprietorship is most suitable form for _______ business, (small / large)
(c) Liability of a sole proprietor is ________ (limited / unlimited)
(d) Sole proprietorship _______ a separate legal entity, (has / does not have)
(e) It is ______ to set up a sole proprietorship firm,(easy / difficult)

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