Forms of Business organization – Test 4

The income of cooperative society is legally ….. as per the Income -tax Act,1961.

In case of cooperative society, no member detects the terms and conditions of the functioning be cause” …. ” is the thumb rule.

According to Indian Cooperative Societies Act, 1912, each society must transfer at least ……. of its profits to general reserve.

According to Indian Co-operative Societies Act,1912, may distribute maximum up to … of its surplus as dividend to its members

The advantage of co-operative society is/are:

Statement I:
The liability of members of co-operative society remains limited to the extent of capital contributed by them.
Statement II:
The members of co-operative society are personally liable to pay the liability of co-operative society.
Select the correct answer from the options given below.

The co-operative society has perpetual succession because it is not affected due to –

The basic aim of the co-operative society is ….. help.

The co-operative society follows the principles of” ….. ”

Which of the following is/are not disadvantage of co-operatives?

Which of the following is not characteristic of LLP?

Which of the following is/are advantages of LLP?

Which of the following is/are advantages of LLP?

Which of the following is/are advantages of LLP?

LLP can raise funds from public.

The right choice of from of the business depends upon-
(I) Nature of business
(II) Volume of business
(III) Area of operation
Select the correct answer from the options given below.

Business providing direct services like tailors, restaurants and professional services like doctors, lawyers are generally organized as-

………. formed by the government to meet some governmental and political purposes.

Common examples for non-profit corporations are –

A business started by only one person is called

A business enterprise may be organized on the basis of ….. liability.

Which of the following form of business is the most simple and common in our country?

Member in HUF other than KARTA are called as-

Each member of firm is individually known as-

The partners enter into partnership through an agreement which may be …..