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Question

State the various types of organisations in the private sector.

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Solution

The various types of organisations in private sector are

(i) Sole Proprietorship: It refers to the form of organisation where business is owned, managed and controlled by a single individual who bears all the risks and enjoys the whole profit.

(ii) Partnership: It defined as an association of two or more persons who agree to carry the business together and share the profit as well as bear risks collectively.

(iii) Joint Hindu Family : This business is owned and carried on by the member of a Hindu undivided family which is governed by the Hindu Law.

(iv) Company: It may be defined as an artificial person existing only in the eyes of law with perpetual succession, having a separate legal entity and a common seal. It's of two types—Private and Public.

(v) Multinational Corporations: They are huge industrial organisations which extend their industrial and marketing operations through a network of their branches in several countries.


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