04-26-2011, 07:20 PM
[size=14]full solution are in attachment [/SIZE]
Questions # 1
1) What was the original form of business?
Answer) Ansar Ali was a single owner of auto workshop business before his death. Business form was that time sole proprietorship.
This is simplest form of business organization, which is Controlled, owned and invested the capital by himself; called sole proprietorship.
2) What form of business will be created between Mr. Akram and Mr. Ajmal?
Answer) This form of business will be partnership created between Mr. Akram and Mr. Ajmal. Partnership is the relation of both partners by agreed share ratio of investment in business carried on by all or any of them acting for all. Unlimited liabilities will be for each partner. Partner means lawful business owned by two or more persons.
A business which has partners; two or more than two is known as partnership.
Questions # 1
1) What was the original form of business?
Answer) Ansar Ali was a single owner of auto workshop business before his death. Business form was that time sole proprietorship.
This is simplest form of business organization, which is Controlled, owned and invested the capital by himself; called sole proprietorship.
2) What form of business will be created between Mr. Akram and Mr. Ajmal?
Answer) This form of business will be partnership created between Mr. Akram and Mr. Ajmal. Partnership is the relation of both partners by agreed share ratio of investment in business carried on by all or any of them acting for all. Unlimited liabilities will be for each partner. Partner means lawful business owned by two or more persons.
A business which has partners; two or more than two is known as partnership.
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