The memorandum of association and articles of association are the two charter documents, for setting up of the company and its operations thereon. ‘Memorandum of Association‘ abbreviated as MOA, is the root document of the company, which contains all the basic details about the company. On the other hand, ‘Articles of Association‘ shortly known as AOA, is a document containing all the rules and regulations designed by the company.

(i) Amer is a professional. Akbar is engaged in business. Anthony is an employee.

(ii)

Principle of Subrogation

Subrogation means one party stands in for another. As per this principle, After the insured, i.e. the individual has been compensated for the incurred loss to him on the subject matter that was insured, the rights of the ownership of that property goes to the insurer, i.e. the company.

Subrogation gives the right to the insurance company to claim the amount of loss from the third-party responsible for the same.

Yes Definitely Every Business Has to Face Some Risk. No Business Can Avoid Risk.

The Business Wont't Grow If There Is No Risk And Profit.
Thus Not only Risk But Profit Is Also A Inherent Element Of Business
More The Risk The Less Problems You Will Face

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.