The need to share profits does not arise as he/she is the single owner. 1. Before loading the goods on the ship they have to be cleared by the customer. The main aim of business is to produce goods and services to fulfill the requirement of human being internally associated in the production or the consumers. He takes all the decisions and is authorized to manage the business. Quality goods should be provided at reasonable price. The registration can be at the time of formation or at any time during its existence. Finance: Finance is known as “life blood” of business. But the resources of a sole proprietor are limited. As per The Companies Act, a public company is one which: (a) Has a minimum of 7 members and no limit on maximum members; (b) Has no restriction on transfer securities; and. It helps a country to earn foreign exchange which can be used for importing various goods from abroad. It can, therefore, employ people who are experts in their area of specializations. If a private company contravenes any of the aforesaid provisions, it ceases to be a private company and loses all the exemptions and privileges to which it is entitled. 4. However, he can if he wishes, inspect the accounts of the firm. The following are some of the privileges of a private limited company as against a public limited company: A public company means a company which is not a private company. In business, the exchange of goods and services is a regular feature. About Us | Cooperative housing societies are established to help people with limited income to construct houses at reasonable costs. Objectives of WTO 1. It involves the preparation of several documents and compliance with several legal requirements before it can start functioning. Sample Paper all are made available through the best app for CBSE students and myCBSEguide website. Personal interests may start to dominate the welfare motive and the benefit of other members may take a backseat if personal gain is given preference by certain members. Due to this, businessman face a lot of problem while paying and receiving money. After the goods have been loaded on board of the ship the captain or the mate of the ship issues mate’s receipt to the port superintendent which contains information regarding vessel, berth, description of packages, date of shipments, marks, condition of the cargo at the time of receipt on board the ship etc. The registration procedure is simple involving a few legal formalities. It pools the output of individual members and performs marketing functions like transportation, warehousing, packaging, etc., to sell the output at the best possible price. As per section 2(20) of Act 2013, a company means company incorporated under this Act or any other previous company law. It includes all the topics given in NCERT class 11 Business Studies text book. In order to obtain Tariff concessions or other exemptions the importer may ask the exporter to send certificate of origin. This helps in securing better cooperation from all the members. Pride in the growth of business is linked to the achievements of the family. Besides freight charges, importer also has to pay dock dues for obtaining port trust dues receipts for which he submits two copies of a duly filled in form know as application to import to the Landing & Shipping Dues Office. Finally, the importer fills in a form known as bill of entry for assessment of customs import duty. The most appropriate form is determined by weighing the advantages and disadvantages of each type of organization against one’s own requirements. Acting as forum for trade liberalization. Deposit of required fees with the Registrar of Firms. These societies construct flats or provide plots to members on which the members themselves can construct the houses as per their choice. 2. A private company can be formed by only two members whereas seven people are needed to form a public company. 4. Mate’s Receipt: This receipt is issued by the captain or mate of the ship to the exporter after the goods are loaded on board of the ship. Such companies which are incorporated under companies Act 1956 or any company law shall be included in the list of companies. This helps not only in improving the yield and returns to the farmers, but also solves the problems associated with the farming on fragmented land holdings. Decisions are generally taken with mutual consent. Merchandise exports and imports. 8. It supplies raw materials, equipment and other inputs to the members and also buys their output for sale. It is a permanent organization created by an international treaty rectified by the Governments and legislatures of member states. His decisions are binding on the other members. From the day of its incorporation, a company acquires an identity, distinct from its members. 2. A private company needs to have only two directors as against the minimum of three directors in the case of a public company. The liability of all the co-parceners except the karta is limited to their share in the business, and consequently their risk is well-defined and precise. Joint Stock Company is a voluntary association of individuals for profit, having a capital divided into transferable shares, the ownership of which is the condition of membership. It is so because the shareholders are spread all over the country and a very small percentage attend the general meetings. A business activity may be done on a small scale or on a large scale. The members consist of producers who wish to obtain reasonable prices for their output. The minimum number of partners needed to start a partnership firm is two. As the focus is on elimination of middlemen, this helps in reducing costs. It contains full details regarding the goods being exported name of the vessel, exporters name & address, country of final destination etc. A company is a creation of law and exists independent of its members. Thus, if the scale of operations is large, company form may be suitable whereas for medium and small sized business one can opt for partnership or sole proprietorship. However, if the business is successful, the proprietor enjoys all the benefits. It leads to specialization of a nation in the production of those goods which can be produced by it in the most effective and economical manner. 3. Providing technical assistance and guidance related to management of foreign trade and fiscal policy to its member nations. Partnership is run by a group of persons wherein decision making authority is shared. This reduces the freedom of operations of a company and takes away a lot of time, effort and money. A partner by ‘holding out’ is a person who though is not a partner in a firm but knowingly allows himself/herself to be represented as a partner in a firm.