Sole Proprietorship, Joint Hindu Family Business & Cooperative Societies (VSAQs)

Commerce-1 | 3. Sole Proprietorship, Joint Hindu Family Business & Cooperative Societies – VSAQs:
Welcome to VSAQs in Chapter 3: Sole Proprietorship, Joint Hindu Family Business & Cooperative Societies. This page includes the most important FAQs from previous exams. Each answer is provided in simple English and presented in the exam format. This approach helps you prepare effectively and aim for top marks in your final exams.

Overview:

VSAQ-1: What is Sole Proprietorship?

A Sole Proprietorship is like running a small shop where you are the only person in charge. Imagine a local grocery store owned and managed by a single person. This person makes all the decisions, manages the day-to-day operations, and bears all the risks and rewards of the business. In a sole proprietorship, there’s no one else involved in owning the business. It’s a simple and straightforward way to run a business, often chosen by those who want full control over their work without having to share profits or responsibilities with others.

VSAQ-2: What is Dayabhaga?

Dayabhaga is a legal system under Hindu law, mainly followed in West Bengal and Assam. Think of it as a set of rules that decide how a father’s property is divided among family members. In the Dayabhaga system, family members cannot claim their father’s property while he is still alive. Only after the father passes away do the family members have the right to inherit and manage the property. This is different from other systems where family members might have a share in the property even when the father is alive.

VSAQ-3: What is Business Organization?

A Business Organization is like the engine room of a company, where all the planning and resource management happens to keep things running smoothly. Imagine a company that manufactures smartphones. To succeed, it needs to carefully coordinate its resources—like money, materials, and labor—to produce and sell its products. This organization can be owned by one person or a group of people and includes everything from small local businesses to large corporations. The goal is to manage all activities efficiently, whether it’s buying raw materials, selling finished goods, or providing services, to achieve the business’s objectives.