मराठी
CISCEISC (Commerce) Class 12
प्रश्नपत्रिका३५४
पाठ्यपुस्तक उत्तरे१८२१८
महत्वाचे प्रश्न आणि उत्तरे५६८४
संकल्पना स्पष्टीकरण आणि व्हिडिओ६०५
टाइम टेबल१५
अभ्यासक्रम

Overview of Various Business Entities

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Topics

  • Introduction to Human Resource Management
  • Job Analysis and Manpower Planning
  • Staff Recruitment
    • Recruitment
    • Characteristics of Recruitment
    • Sources of Recruitment: Internal Sources
    • Sources of Recruitment: External Sources
    • Differences Between Internal and External Sources of Recruitment
    • E-recruitment
    • Overview of Staff Recruitment
  • Staff Selection
    • Meaning and Definition of Staff Selection
    • Difference Between Selection and Recruitment
    • Steps in Employee Selection Process
    • Psychological Tests
    • Interviews
    • Types of Interviews
    • Limitations of Interview
    • Overview of Staff Selection
  • Staff Training
    • Training
    • Comparative Overview of Training, Education, and Development
    • Importance of Training
    • Types of Training
    • Preparation of Training Programme
    • Methods and Techniques of Training: On-the-Job Training
    • Methods and Techniques of Training: Off-the-Job Training
    • Types of Employee Training: Key Distinctions
    • Hindrances to Training
    • Benefits of Training to Employer and Employee
    • Overview of Staff Training
  • Staff Morale
    • Meaning and Definition of Staff Morale
    • Characteristics of Staff Morale
    • Morale Productivity Matrix
    • Measurement of Morale
    • Factors Influencing Morale
    • Determinants of Morale
    • Methods of Raising Morale
    • Indicators of Low Morale or Disadvantages of Low Morale
    • Passive Effects of High Morale or Advantages of High Morale
    • Importance of Team Work
    • Measures for Building Effective Teams
    • Overview of Staff Morale
  • Staff Motivation
    • Meaning and Definition of Staff Motivation
    • Motivation Process
    • Characteristics of Staff Motivation
    • Difference Between Motivation and Morale
    • Importance of Staff Motivation
    • Factors Influencing Motivation
    • Difference Between Financial/Monetary and Non-Financial/Non-Monetary Incentives
    • Maslow's Theory of the Hierarchy of Human Needs
    • Herzberg's Two Factor Theory
    • Critical Appraisal of Herzberg's Theory
    • Relationship Between Maslow and Herzberg Theories
    • Overview of Staff Motivation
  • Staff Remuneration
    • Meaning and Definition of Staff Remuneration
    • Money Wages and Real Wages
    • Methods of Wage Payment: Time-Rate System
    • Methods of Wage Payment: Piece-Rate System
    • Distinction between Time-Rate and Piece-Rate System
    • Wage Records
    • Various Staff Benefits
    • Gratuity
    • Types of Leave
    • Overview of Staff Remuneration
  • Staff Leadership
    • Meaning and Definition of Leadership
    • Distinction Between Leadership and Management
    • Importance of Leadership
    • Leadership - Qualities of a Good Leader
    • Leadership Styles
    • Difference between Different Styles of Leadership
    • Leaders: Born or Made?
    • Leadership Continuum
    • Situational Leadership
    • The Managerial Grid
    • Overview of Staff Leadership
  • Staff Appraisal
    • Performance Appraisal
    • Potential Appraisal
    • Objectives of Performance Appraisal
    • Importance of Performance Appraisal
    • Method of Performance Appraisal
    • Appraisal by Results
    • Appraisal by Superior Staff
    • The 360° Appraisal
    • Overview of Staff Appraisal
  • Staff Promotion and Transfer
    • Meaning and Definition of Promotion
    • Benefits of Promotion
    • Limitations of Promotion
    • Open and Closed Policy of Promotion
    • Dry Promotion and Upgrading
    • Demotion
    • Requirements of a Sound Promotion Policy
    • Bases of Promotion
    • Meaning and Definition of Staff Transfer
    • Need and Purposes of Staff Transfer
    • Types of Transfer
    • Is Transfer a Punishment?
    • Transfer Policy
    • Overview of Staff Promotion and Transfer
  • Staff Separation
  • Emerging Trends in Human Resources
  • Business Communication
    • Communication
    • Importance of Communication in Business
    • Elements of the Communication Process
    • Oral or Spoken Communication
    • Written Communication
    • Distinction between Oral Communication and Written Communication
    • Gestural Communication
    • Visual Communication
    • Distinction Between Gestural and Visual Communication
    • Internal Communication
    • External Communication
    • Distinction Between Internal and External Communication
    • Formal Communication
    • Informal Communication or Grapevine
    • Distinction Between Formal and Informal Communications
    • Horizontal Communication
    • Vertical Communication
    • Diagonal Communication
    • Barriers to Communication
    • Overcoming the Barriers to Communication
    • Current Trends in Business Communication
    • Overview of Business Communication
  • Business Correspondence
    • Needs and Functions of Business Correspondence
    • Elements and Components of Business Letters
    • Essentials of a Good Business Letter
    • Types of Letters
    • Overview of Business Correspondence
  • Reports and Report Writing
    • Meaning and Definition of a Report
    • Characteristics of Reports
    • Purposes or Functions of Reports
    • Essentials of a Good Report
    • Format of a Report
    • Types of Reports
    • Overview of Reports and Report Writing
  • Various Business Entities
  • Sources of Business Finance
  • Globalisation
  • E-Business
  • Outsourcing
    • Concept of Outsourcing
    • Parties Involved in Outsourcing
    • Concept of Outsourcing
    • Business Process Outsourcing (BPO)
    • Knowledge Process Outsourcing (KPO)
    • Legal Process Outsourcing (LPO)
    • Overview of Outsourcing
  • Business Regulators and Intermediaries
Estimated time: 38 minutes
CISCE: Class 12

Definition: Sole Proprietorship

  • The individual proprietorship is the form of business organisation at the head of which stands an individual as one who is responsible, who directs its operations and who alone runs the risk of failure. - L. H. Haney
  • A sole proprietor is a person who carries on business exclusively by and for himself. He is not only the owner of the capital of the undertaking, but is usually the organiser and manager and takes all the profits or responsibility for losses. - James Stephenson
  • Sole trader business is a type of business unit where one person is solely responsible for providing the capital, for bearing the risk of the enterprise and for the management of business. - J. L. Hansen
  • Under the sole proprietorship form of ownership, a single individual organises and operates the business in his own name. He is not only responsible for its management but also for risks. - J. M. Shubin
  • Sole proprietorship is a form of business where the individual proprietorship is the supreme judge of all matters pertaining to his business. - Kimball and Kimball
  • Sole proprietorship is an informal type of business owned by one person. - J. L. Lundy
  • The sole proprietorship is that form of business ownership which is owned and controlled by a single individual. He receives all the profits and risks all of his property in the success or failure of the enterprise. - B. O. Wheeler
CISCE: Class 12

Key Points: Sole Proprietorship

  • Sole proprietorship is a form of business owned, managed, and controlled by one individual who receives all profits and bears all risks.
  • There is no separate legal entity; the owner and the business are considered the same in the eyes of law.
  • The proprietor has full control over decision-making and business operations.
  • The business is usually small in size due to limited capital and managerial capacity of one person.
  • The proprietor has unlimited liability, meaning personal assets may be used to pay business debts.
  • It is easy to form and close, as very few legal formalities are required.
  • The business lacks continuity because death, insolvency, or incapacity of the owner directly affects the business.
CISCE: Class 12

Definition: Partnership

  • Partnership is the relation existing between persons competent to make contract, who agree to carry on a lawful business in common with a view to private gain. - L. H. Haney
  • A partnership or firm as it is often called is, then a group of men who have joined capital services for the prosecuting of some enterprise. - Kimball
  • Partnership is the relation between persons who have agreed to share profits of a business carried on by all or any one of them acting for all. - The Partnership Act
  • A Partnership is a form of business organisation in which two or more persons upto a maximum twenty join together to undertake some form of business activity. - J.L. Hanson
  • Two or more individuals may form a partnership by making a written or oral agreement that they will jointly assume full responsibility for the conduct of business. - John Shubin
CISCE: Class 12

Key Points: Partnership

  • Partnership is a form of business where two or more persons agree to carry on a lawful business and share its profits and losses.
  • It is created by an agreement (written or oral), usually recorded in a partnership deed which states rights, duties, and profit-sharing ratio.
  • The business must be legal and carried on with the objective of earning profit.
  • The relationship among partners is contractual, and only persons competent to contract can become partners.
  • Every partner acts as both a principal and an agent, meaning each partner can bind the firm and other partners through his actions.
  • The minimum number of partners is two and the maximum number is fifty (as per law).
 
CISCE: Class 12

Difference Between Partnership and Sole Partnership

Basis Partnership Sole Proprietorship
Governed by Governed by Partnership Act, 1932 No separate Act governs it
Number of formation Minimum 2, Maximum 50 Only one owner
Risk Partners jointly bear the risk Only proprietor bears all risks
Basis of formation Formed by partnership deed No agreement required
Decision making All partners are consulted; decisions may be delayed Quick decision; no need to consult anyone
Finance Larger capital as all partners contribute Limited capital from one person
Division of profit Profit divided among partners Entire profit goes to proprietor
CISCE: Class 12

Key Points: Private Limited Company

  • A private limited company is a company with a minimum of two members and limited liability of its shareholders.
  • The liability of each member is limited to the face value of shares held by him/her.
  • It restricts the transfer of shares and limits the maximum number of members to 200.
  • It cannot invite the public to subscribe for shares, debentures, or deposits.
  • The company must use the word “Private” in its name and enjoys certain privileges under the Companies Act.
CISCE: Class 12

Key Points: Public Limited Company

  • A public limited company is a company that is not a private company and requires a minimum of seven members, with no maximum limit.
  • It does not restrict the transfer of shares and allows free transfer of securities.
  • It can invite the general public to subscribe to its shares, debentures, and accept deposits.
  • The liability of members is limited to the unpaid amount on shares held by them.
  • A private company that is a subsidiary of a public company is also treated as a public company.
CISCE: Class 12

Difference between Private Company and Public Company

Point of Difference Private Company Public Company
Number of members Minimum 2, Maximum 200 Minimum 7, No maximum limit
No. of directors Minimum 2 directors Minimum 3 directors
Prospectus Not required to issue Must issue prospectus or statement in lieu
Invitation to general public Cannot invite public Can invite public
Transfer of Shares Transfer restricted Free transfer allowed
Statutory meeting and report Not compulsory Compulsory
Index of members Not compulsory Compulsory
Legal formalities Fewer legal formalities More legal formalities
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