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Recap of Accounting Process

The business ...

Question

The business organisation which enjoys a separate legal existence is a___________.

A

Partnership firm

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B

Joint stock company

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C

Government organisation

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D

None of these

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Solution

The correct option is B Joint stock company
A joint stock company has an independent status i.e. it has a separate legal entity from its members. It has an independent existence in the eyes of law and can also purchase and sell property in its own name.

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Q. Fill in the blanks and rewrite the sentence:
The organisation which enjoys a separate legal status is a ___________.

Q. A business organisation which has a separate legal status is a _____.

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

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