Types of Business Found In our community| Types of Local Business|List of Business In Local Business |examples of Business |Entrepreneurship skills

 Types of Business Found In our community|  Types of Local Business|List of Business In Local Business 

In this we are going to tell you about types of business activity. But before this you have to know that what exactly is Business and what are the characteristic of business.

Now let's go with our topic types of local/community business.

List of Local Business

Private Ltd company
Public Ltd company
Unlimited company
Sole proprietorship
Joint Hindu family business
Partnership
Cooperative
Corporation 

Types of Business Found In our community

There are various forms of business entities found in our locality. Latest learn about them:-

Private Ltd company

In private limited company the right of the stakeholder to transfer the share is restricted full stop this type of company has minimum 2 and maximum 50 members. It must have a minimum  paid capital rupees 1 Lakh or such a higher amount which may be prescribed from time to time . It does not invite public to subscribe to its share capital.

Examples of private limited company are Parle product Pvt Ltd, Hindustan Coca-cola Beverages Pvt. Ltd.,etc

Also read-How do I make money with affiliate marketing without a website for beginners?

Public Ltd company

A public limited company allows the stakeholder to transfer their shares. It has a minimum of 7 members and there is no minimum limit. It's invites the general public to subscribe to its share. It must have a minimum paid up capital of rupees 5 Lakh or higher amount as they may be describe from time to time.

Examples of Public Limited Company are Bharat Petroleum Corporation Limited (BPCL),Punjab National Bank,etc

Unlimited company

It is a form of business organisation in which the liability of all its member is unlimited. The personal property and assets  of the members can be used to settle the debts. It can, at any time,re-register as limited company under section 32 of the companies act.

Examples of Unlimited company are DISCOVERY COMMUNICATIONS INDIA (PVT COMPANY WITH UNLIMITED LIABILITY), REEBOK INDIA COMPANY

Sole proprietorship

It is a form of business entity in which single individual handles the entire business organisation. It is easy to set up and is at the least coastly among all forms of Ownership. He or she is the sole recipient and of all the profit and bears all the losses. There is no separate law that governs sole proprietorship. This form of business adopted by all business entities.

Examples of sole proprietorship are Freelance writer,Financial advisor, Bookkeeping company,etc

Joint Hindu family businesses

Joint Hindu family business is a form of business organisation wherein the members of the family owned and manage the entire business. It is a governed by Hindu laws. This form of business is practiced in India most of the places.

Examples of Joint Hindu Family businesses are Reliance Industries Ltd, Tata son's private Ltd,etc

Partnership

A partnership is a business owned by two or more person who contribute resources in the entity. It is governed by the Indian partnership act, 1932. The partnership divide the profit of the business among themselves.

Examples of partnership are Red Bull and Gopro,Spotify and Uber,etc

There are two types of partnership-

       1. General partnership

       2. Limited partnership

General partnership - 

General partnership in which all partners have  unlimited liability.

 Limited partnership -

Limited partnership creditors cannot go after the personal assets of the limited partner.

Also read-What is Business Activities and How many types of Business Activities

Cooperative

A cooperative is a form of voluntary organisation in which the members work together for mutual benefit. There is no restriction to the entry or exit of any member. Corporative maybe incorporated or uncorporated. It is governed by cooperative society act 1912. For example water and electricity (utility)cooperative, cooperative Banking, credit union, and housing cooperative.

Examples of cooperative are Amul,Indian coffee house,

Karnataka Milk federation (KMF)

Corporation

A corporation is a business organisation with a  separate legal personality from its owner. In this the ownership in a stock corporation is represented by the shares of the stock. The stakeholder is while limited legal responsibility and have limited involvement in the company's operation. The board of directors, who are Elected by the stock holder control the activities of the corporation.

Examples of cooperation are State Bank of India (SBI),Food corporation of India(FCI)

Limited Liability Partnership

A Limited Liability company is a combination of a corporation and partnership. In the Limited liability Partnership (LLP) the liability of at least 1 member is unlimited whereas ,rest all the member have limited liability to the extent of their contribution in the LLP. Unlike general partnership, this kind of partnership does not get terminated by the death of bankruptcy/liquidation of the Limited partners. It is governed by Partnership Act of 2008.

Examples of Limited  Liability Partnership are Financial advising business, Marketing firms,etc

 

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