Under Section 58 of the Indian partnership Act, 1932, a firm may be registered at any time (not merely at the time of its formation but subsequently also ) by filing an application with the Registrar of Firms of the area in which any place of business of the firm is situated or proposed to be situated. The Registration of a partnership firm is not compulsory under Part vii of the Indian Partnership Act, 1932, though it is usually done as registration brings many advantages to the firm. It is optional for partners to set the firm registered and there are no penalties for non-registration.

Various types of industries are:

1. Primary- Industries which deal with obtaining or offering raw materials which are processed as commodities for the customers. Example: Farming, Fishing
2. Secondary-  Industries which are essentially manufacturing or assembling industries. It receives raw materials from primary industries and processes them to commodities for the customers. Example: Food manufacturing, Textile manufacturing
3. Tertiary- These industries act as a support system to the primary and secondary industries. It is also known as the service industry or the service sector. Example: Banking, Transport.

Two applications of e-business are
(i) e-Procurement It involves internet-based sales transactions between business firms, including "reverse auctions" that facilitate online trade between a single business purchaser and many sellers, and, digital market places that facilitate online trading between multiple buyers and sellers.
(ii) e-Communication/e-Promotion It includes e-mails, publication of online catalogues displaying images of goods, advertisement through banners, pop-ups, opinion polls and customer surveys, etc. Meetings and conferences may be held by the means of video conferencing.

Business: An economic activity involving the production and sale of goods and services undertaken with a motive of earning profit by satisfying human needs in society is called business.
Characteristics of Business:

1. Economic activity: All business activities are economic activities and are done for the sole purpose of earning money.
2. Production and procurement of goods and services: A business activity involves production or procurement of goods and services. A manufacturer is involved in production, while a shopkeeper is involved in procurement.
3. Sale and exchange of goods and services for the satisfaction of human needs: Sale and exchange of goods and services is done to satisfy human needs.
4. Dealing in goods and services on a regular basis: One time dealing in goods or services cannot be termed as a business. The business should happen on a regular basis.
5. Profit earning: Profit earning is the fundamental motive of doing a business. Other motives are there but they depend on profit motive.
6.  Uncertainty of returns: Returns can never be certain in business activity. This happens because of external factors which are outside the control of the business organization.
7. Element of risk: An element of risk is always present in business activity.

E-banking means any user with a PC and a browser can get connected to the banks’ website to perform any of the virtual banking functions and avail of any of the banks services. There is no human operator to respond to the needs of the customer. 

Public sector:

1) These organisations are operated directly by the government or by the government sponsorship.

2) The service charges are comparatively affordable.

3) Government aided cost free services are also provided by these organisations.

Private sectors:

1) These organisations are operated by the private companies.

2) The service charges are very high and not affordable for most middle class and lower middle class population.

3) Cost free services are rarely provided by these organisations. 

Business Process Outsourcing (BPO)

Many activities have to be performed for the successful conduct of business like productions, buying, selling, advertising etc. When the scale of business is small, the businessman used to perform these activities easily. However, with the enlargement of scale of business, this job has become tedious. Therefore, in order to overcome the difficulties connected with the performance of many activities and to get the benefit of specialization, these services are now obtained from outside the organization. This is called outsourcing of services or BPO.

Business: Refers to Purchase, production and/ or sale of goods & services with the objective of earning profit.

A legal, binding partnership that may occur where previously, no formal partnership agreement was in place. A person who exhibits such conduct, or says words which represent, or allow him to be represented, as a partner in any firm becomes liable to any loans or credits that are obtained by the firm. It is also known as the presumption of partnership.

Retailers provide important services to consumers and wholesalers as they act as middle-men between them.
Services to consumers:

1. Ready or quick supply : The most important service of a retailer to consumers is to maintain regular availability of various products so that the buyers can buy the products whenever they need.
2. Wide variety : Retailers generally keep stock of a variety of products and different manufacturers. This enables the consumers to make their choice out of a wide selection of goods.
3. Guiding customers : By ananging the effective display of products and through their personal selling efforts retailers should provide the information of products to the customers.
4. Demonstration and after sales services : It can be done in the form of home delivery, supply of spare parts and attending to customers.
5. Home delivery : It is an important part of after sale services and for a buyers decision for repeat purchase of the products.
6. Convenient location : They are suitated very near to the residential areas and remain open for long hours which makes great convenience to the customers.
   Services to wholesalers and manufacturers :
7. Ready market: Retailers deal with individuals so the manufacturers and whole-salers will not make individual sales.
8. Providing information : By undertaking personal selling efforts retailers relieve the producers of this activity of individual selling.
9. Risk bearing : Retailers participates in the promotional activities of the product so that the product becomes popular and then it is less risk for the manufacturers.
10. Distribution of goods to distant places : Retailers helps in distribution of goods to the final consumers and thus provide place utility.

The functions of retailers are as follows :

1. Financing : Retailers provide goods to the consumers on credit basis. This increases the level of consumption and hence the standard of living.
2. Supplying market information : Since the retailer is in direct contact with the consumers, he provides information regarding their tastes, preferences and attitudes, etc. to the wholesaler. This information helps them in taking important marketing decisions.
3. Convenience in buying : Retailers provide goods to the consumers according to their requirements. Usually, they are situated near the residential areas and remain open for long hours.
4. Risk bearing : A retailer has to bear the risk if the change in style and fashion occurs when the goods are stored in large quantities in the warehouses.

Services provided by wholesalers are as follows:

1. Buying and assembling : The wholesaler buys the product from the manufacturer and collects the same at one place and supplies goods to the retailers according to their requirement.
2. Storage function : The wholesaler also performs the storage function. The goods are purchased by the wholesalers from the manufacturers and stored at warehouses in order to meet the demand of retailers. The wholesalers act as bridge between the production and consumption of goods.
3. Breaking the bulk : The wholesaler purchases goods from manufacturers in bulk and avails discounts. He sells goods in small quantities to the retailers which saves the retailers from maintaining large stocks.
4. Advertisement : A wholesaler undertakes advertising and sales promotion of the product which automatically result in the increase in sales.
5. Market information : Wholesalers inform the retailers about the introduction of new products in the market. He also gets feedback from the retailers about the needs and preferences of customers. He passes the information to the producer to make necessary changes in the products.
6. Risk bearing : The wholesalers have to maintain optimum levels of stock in their godowns to meet the demands of the retailer. The retailer’s risk of maintaining godowns, price fluctuations, etc., are
   reduced to a great level.

Internal Trade also known as Domestic Trade is the buying and selling of goods and services within the confines of the international boundaries of a nation. So while import and export are important for the economy of a nation, most of its GDP contribution comes from internal trade. 

Some of the common incentives provided by the government far industries in backward and hilly areas are as fallows
(i) Land Every state offers developed plots for setting up of industries. The terms and
conditions may vary. Some states don’t charge rent in the initial years, while some allow ’ '
payment in instalments.
(ii) Power Power is supplied at a concessional rate of 50 %, while some states exempt such units from payment in the initial years.
(iii) Water Water is supplied on no-profit, no-loss basis or with 50 % concession or exemption from water charges for a period of 5 years.
(iv) Sales Tax In all union territories, industries are exempted from sales tax, while some states extend exemption for 5 years period.
(v) Octroi Most states have abolished octroi.
(vi) Raw Materials Units located in backward areas get preferential treatment in the matter of allotment of scarce raw materials like cement, iron and steel, etc.
(vii) Finance Subsidy of 10-15 % is given for building capital assets. Loans are also offered at concessional rates.
(viii) Marketing Assistance Government tries to solve their marketing problem by improving information and in order to provide guarantee for sale of goods.
(ix) Tax Holiday Exemption from paying taxes for 5 or 10 years is given to industries established in backward, hilly and tribal areas.

Profit is the lifeblood of business, without which no business can survive in a competitive market. In fact profit making is the primary objective for which a business unit is brought into existence. Profits must be earned to ensure the survival of business, its growth and expansion over time. No business can earn profits without satisfying customers and other sections of society similarly, business cannot render service without earning profits. Thus, the real objective of business is to earn profit by serving the interests of consumers, employees, investors, Government and the society as a whole.

International trade in services like travel and tourism, transportation, communication, banking, warehousing, distribution and advertising is a part of international business. International business also includes foreign direct investments, contract manufacturing, and setting up wholly owned subsidiaries etc.

Commerce is the control of business among economic agents. Usually, it refers to the exchange of commodities, services or items of value, among companies or entities.

The significance of Commerce are:

• Commerce acts as a catalyst between the manufacturers and customers.
• It establishes employment opportunities.
• It encourages trade in the global level.
• Assists in the growth of developing the industries.
• Helps during exigencies like the natural calamities – earthquake, flood, drought etc.

The different types of bank accounts are – Savings Account, Current Account, Recurring Deposit Account, Fixed Deposit Account, DEMAT Account, NRI Account.

A stock exchange is an important factor in the capital market. It is a secure place where trading is done in a systematic way. Here, the securities are bought and sold as per well-structured rules and regulations. Securities mentioned here includes debenture and share issued by a public company that is correctly listed at the stock exchange, debenture and bonds issued by the government bodies, municipal and public bodies.

Economics is a science that studies human behavior which aims at allocation of scarce resources in such a way that consumer can maximise their satisfaction, producers can maximise their profits and society can maximise its social welfare. It is about making choice in the presence of scarcity.