meaning & definition in literal sense the word business means, ‘ the state of being busy’...
TRANSCRIPT
![Page 1: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/1.jpg)
![Page 2: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/2.jpg)
Meaning & DefinitionIn literal sense the word business means, ‘ the state of being busy’
“Business is an activity which involves exchange of goods or service with the assistance of various activities like banking, transport, insurance, operation of middlemen, for a consideration, with the object of
making profit.”
![Page 3: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/3.jpg)
The stages
![Page 4: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/4.jpg)
Need for Business
• Essential activity for the society
• Brings economic gain to the entrepreneur
• Provides societal requirements
![Page 5: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/5.jpg)
![Page 6: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/6.jpg)
![Page 7: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/7.jpg)
Qualities of a successful Business
![Page 8: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/8.jpg)
Qualities of a successful Businessman
![Page 9: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/9.jpg)
![Page 10: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/10.jpg)
Scope of Business
Various types of industries
Primary Industry
Extractive Industry
Genetic Industry
![Page 11: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/11.jpg)
Scope of Business
Various types of industries Construction Industry
Manufacturing Industry-It is further subdivided into following categories
Analytical
Synthetic
Processing
Assembly line
![Page 12: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/12.jpg)
![Page 13: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/13.jpg)
Sole Proprietorship
![Page 14: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/14.jpg)
![Page 15: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/15.jpg)
![Page 16: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/16.jpg)
Types of Partners
![Page 17: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/17.jpg)
Partnership Deed
• Amount of Capital invested• Profit or loss sharing ratio• Salary or Commission payable• Duration of Business• Name & Address of Partners• Duties & powers of each partner• Nature & place of business• Terms to run the business
![Page 18: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/18.jpg)
Dissolution of PartnershipBy agreementBy noticeCompulsory DissolutionInsolvency of PartnersDissolution by Court1. Insanity of Partner2. Misconduct by a partner3. Incapacity of a partner4. Breach of agreement5. Transfer of shares6. Regular loss7. Dispute among partners8. Illegal business
![Page 19: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/19.jpg)
Joint Hindu family
• Governed by Hindu Law• Membership by birth• Management by Karta• Limited liability of others• Continuity• Minor as a member• Accounts maintained by Karta• Implied authority of Karta
![Page 20: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/20.jpg)
Rights of Karta
• Rights to manage & control the business• Right to enter into contracts, draw & accept
bill• Right to maintain books of accounts• Right to delegate work to the co-parceners
![Page 21: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/21.jpg)
Liabilities of Karta• Maintenance of rights of co-parceners• Responsible for marriage of all unmarried
members• He represents the family
![Page 22: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/22.jpg)
Joint Stock CompanyAn association of many persons who contribute money or money’s worth to a common stock and employ it in some trade or business, who share the profit and loss arising there from. - James Stephenson
![Page 23: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/23.jpg)
Joint Stock Company
• Legal formation• Artificial person• Separate legal entity• Perpetual succession• Limited liability• Democratic management• Transferability of shares
![Page 24: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/24.jpg)
Types of Companies• Private Company• Public Company• Statutory Company• Chartered Company• Registered Company• Indian Company• Foreign Company• Multinational Company• Transnational Company
![Page 25: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/25.jpg)
NGO
• Social Institution• Clubs & Associations• Chamber of Commerce
![Page 26: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/26.jpg)
Characteristics• Non business organization• Non profit voluntary group• No involvement in Govt. structure• Registered under Societies registration Act,
Cooperative societies Act, Public trust Act and Companies act
• Can have full-time or part-time employees• Funds raised from public through donations
![Page 27: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/27.jpg)
FORMS OF NBO’S
• Trusts• Cooperative societies• Clubs and Associations
![Page 28: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/28.jpg)
Trusts Legal form of organizing a social institution which is a non
profit organization As per the trust act Formed for rendering social services like healthcare,
education, maintenance and infrastructural facilities etc,, The trust act lays down the structure and procedure to run
such institutions. The head of the trust is the “Managing Trustee” and
members of the governing body are the “Trustees” There is no annual election and if need be the existing
trustees give consent for a new trustee to be appointed.
![Page 29: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/29.jpg)
Cooperative Societies
• Consumer Cooperative Society• Producer’s Cooperative Society• Cooperative Marketing Society• Cooperative Credit Society• Cooperative Farming Society• Housing Cooperative Society
![Page 30: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/30.jpg)
Characteristics of Co-operative Society
• Open membership• Voluntary association• State control• Sources of finances• Democratic management• Service motive• Separate Legal Entity• Distribution of surplus• Self help through mutual cooperation
![Page 31: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/31.jpg)
Clubs and Associations Established for the purpose of discharging certain social
functions Mainly formed to provide the members facilities like sports,
recreation and cultural associations like dance, drama, music They are run to promote the above activities for the younger
generation Funds are raised through membership fees, donations, govt.
grants etc, Registered under “The Societies Act” Certain organizations are formed to develop infrastructural
facilities in their localities.
![Page 32: Meaning & Definition In literal sense the word business means, ‘ the state of being busy’ “Business is an activity which involves exchange of goods or](https://reader035.vdocument.in/reader035/viewer/2022062318/551bbafe550346c3588b469e/html5/thumbnails/32.jpg)