Partners are personally liable for the business obligations of the partnership. This means that if the partnership can't afford to pay creditors or the business fails, the partners are individually responsible to pay for the debts and creditors can go after personal assets such as bank accounts, cars, and even homes. In a general partnership, each partner has unlimited personal liability. Partnership rules usually dictate that whatever debts are incurred by the business, it is the legal responsibility of all partners to pay them off. ... All partners are responsible for paying the debts.

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.

Kochi, also known as Cochin, is a major port city on the south-west coast of India bordering the Laccadive Sea a part of the Arabian Sea. It is part of the district of Ernakulam in the state of Kerala and is often referred to as Ernakulam. Kochi is the most densely populated city in Kerala. As of 2011, it has a corporation limit population of 677,381 within an area of 94.88 km² and a total urban population of more than of 2.1 million within an area of 440 km², making it the largest and the most populous metropolitan area in Kerala. Kochi city is also part of the Greater Cochin region and is classified as a Tier-II city by the Government of India. The civic body that governs the city is the Kochi Municipal Corporation, which was constituted in the year 1967, and the statutory bodies that oversee its development are the Greater Cochin Development Authority (GCDA) and the Goshree Islands Development Authority (GIDA).

Features of Business Risk
(i) Business Risks Arise Due to Uncertainties Future is uncertain and one cannot predict exactly what is going to happen. Therefore, uncertainties and contingencies like natural calamities, changes in government policies, changes in demand and prices, etc create risk for business.
(ii) Degree of Risk Depends Mainly upon the Nature and Size of Business The amount of risk in the business is determined by the nature of goods and services by it and the size of business i.e., whether business is being operated on large scale or small scale.
(iii) Profit is the Reward for Risk Taking Profit and risk are directly related to each other. A businessman undertakes risk because he expects to make high profit. In line with the famous saying ‘ more risk, more profit’, if the risk is high the1 chance of large profits is also high, whereas if the risk is low, profit may also be low.

Partnership can be classified on the basis of:
1.Duration
2.Liability
Classification on the basis of duration:
(i)Partnership at will : The existence of this partnership depends on the will of the partners. The business of the firm continues as long as the partners desire and is terminated when any partner gives a notice for dissolution of the firm.
(ii)Particular partnership : It is the partnership which is formed for completing only a particular project or any activity to be carried on for a specified period of time only. This partnership is automatically dissolved on completion of the project or activity.
Classification on the basis of liability:
(i)General partnership: The partnership in which the liability of the partners in unlimited is called general partnership. In this type of partnership, partners have the right to take part in the management of the firm. Each partner as well as the firm is bound by the acts of all the partners. It is optional for the firm to get itself registered. Death, insolvency, retirement or lunacy of any partner adversely affects the existence of the firm.
(ii)Limited partnership : Limited partnership is the partnership in which the liability of at least one member is unlimited while others have limited liability. The members with limited liability neither have the rights to participate in the management of the business nor are their acts binding on other partners or the firm. It is compulsory to register such partnership.

The administration of Patliputra, the capital of the Mauryan Empire, was carried out through a 30-member committee. This committee was divided into six boards, which catered to specific departments of

a. comfort and safety of foreigners

b. registration of births and deaths

c. industry

d. trade and commerce

e. inspection of goods

f. collection of taxes

Maritime trade refers to trading or shipment of goods via sea or other waterways. In early times, Malabar Coast, Coromandel Coast, etc. were important ports which facilitated maritime trade in India.

(1) Profession is an economic activity that requires special knowledge and skill to be applied by
individuals for earning their living.
(2) Individuals engaged in professions are known as
professionals.
(3) These professionals have to follow the guidelines or codes of conduct laid down by professional bodies.
(4) For example, doctors are professionals engaged in the medical profession and have to follow the codes of conduct laid down by the Medical Council of India.

A partnership is a kind of business where a formal agreement between two or more people is made and agreed to be the co-owners, distribute responsibilities for running an organization and share the income or losses that the business generates.

In India, all the aspects and functions of the partnership are administered under ‘The Indian Partnership Act 1932’. This specific law explains that partnership is an association between two or more individuals or parties who have accepted to share the profits generated from the business under the supervision of all the members or behalf of other members.

(i)General partnership: The partnership in which the liability of the partners in unlimited is called general partnership. In this type of partnership, partners have the right to take part in the management of the firm. Each partner as well as the firm is bound by the acts of all the partners. It is optional for the firm to get itself registered. Death, insolvency, retirement or lunacy of any partner adversely affects the existence of the firm.
(ii)Limited partnership : Limited partnership is the partnership in which the liability of at least one member is unlimited while others have limited liability. The members with limited liability neither have the rights to participate in the management of the business nor are their acts binding on other partners or the firm. It is compulsory to register such partnership.

Recurring Deposit Account: The aim of recurring deposit is to encourage regular savings by the people. A depositor can deposit a fixed amount, say Rs. 100 every month for a fixed period. The amount together with interest is repaid on maturity. The interest rate on this account is higher than that on saving deposits.

The functions of accounting facilitate the objectives of accounting. there are many objectives of accounting. For instance,

1. Accounting facilitates the systematic management of the records of the transaction and other financial data.
2. It gives an idea about the chances of profitability or failure or losses.
3.  The process assists the management by helping them to make the best decisions. besides that, accounting ascertains the financial position of an organization.
4.  It also helps in the evaluation of the employee and their working efficiency, in addition, communicating and spreading the accounting information to the user.
5. Accounting contributes the biggest to any organization by preventing fraud and prevents profit risks.

Business is an economic activity that involves the exchange, purchase, sale or production of goods and services with a motive to earn profits and satisfy the needs of customers. Businesses can be both profit or non-profit organizations that function to gain profits or achieve a social cause respectively.

Commerce is concerned with buying, selling and distribution of commodities. It is an organised system for the exchange of goods and services. It involves not only the functions of buying and selling but several other activities required to facilitate buying and selling.
The purpose of commerce is to provide the right goods to the right persons at file right time and at the right place. Therefore, we can say business depends on commerce.