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A is the olde...

Question

A ___________ is the oldest and simplest form of business organisation.

A

Partnership Firm

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B

Sole Trading Concern

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C

Joint Stock Company

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D

None of these

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Solution

The correct option is B Sole Trading Concern
A sole trading business is the oldest and simplest form of business organisation as in this kind of business, there is no chaos in the management as a person is single handedly working for the business and also he/she is the single receiver of profit earned.

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Q. A Joint Stock Company is superior form of business organisation.

Q. Partnership is a form of business organisation in which business debts can be recovered from

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.
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Q. Explain the term 'trading or equity'. Why, when and how can it be used by a business organisation?

Q. Answer is Yes or No:
(a) The sole proprietor is the exclusive master of his business.
(b) The liability of a sole proprietor is limited.
(c) A sole proprietorship has no legal existence apart from its owner.
(d) Sole proprietorship is the oldest form of business organisation.
(e) It is difficult to set up a sole proprietorship.

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