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Question
Match the correct pairs.
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Solution
| Group A | Group B | ||
| a) | Sole proprietorship | 7) | Maximum business secrecy |
| b) | Joint stock company | 8) | Common seal |
| c) | Partnership Act | 9) | 1932 |
| d) | Co-operative society | 5) | One member, one vote |
| e) | Joint Hindu family firms | 6) | Karta |
a. A sole trading concern ensures maximum business secrecy. All the information related to the business remains with the
owner and it is up to him whether he wants to share the information with others or not. So, others cannot take undue
advantage.
b. In 1956, the Indian Companies Act was enacted. It specifies the rules and regulations for companies.
c. The Indian Partnership Act was passed in 1932. As per the act, “partnership is the relation between the persons who have
agreed to share the profits of a business carried on by all or any of them acting for all”.
d. In a co-operative society, the principle of “one man, one vote” is followed. It means that one person can cast vote only once.
This gives equal voting rights to all members of a co-operative society.
e. The head of a joint Hindu family business is called the Karta. He is the eldest male member of a joint Hindu family. He
controls and manages the business and has unlimited liability.
