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.

An economic activity is a process that, based on inputs, leads to the manufacture of a good or the provision of a service. Business is considered to be an economic activity because it is undertaken with the aim of earning money or livelihood and not because of any sentimental reason like love, affection or sympathy. Business is considered an economic activity because it is concerned with production, purchase, sale or distribution of goods and Services with an aim of earning profit.

A business is a part of society. So, a business enterprise should do business and earn money in ways that fulfill the aspirations of the society. Thus social responsibility relates to the voluntary efforts on the part of the businessmen to contribute to the social well being. The businessmen make use of resources of society and earn money from the members of society so they must do something for the society.

A memorandum is a written statement or record, especially one circulated for the attention of colleagues at work. It relates to a note of something to be remembered. The word memorandum came from the Latin word 'memorare' which means to remember. In law, a memorandum means a document recording terms of contract. Memos have a twofold purpose: they bring attention to problems and they solve problems. They accomplish their goals by informing the reader about new information like policy changes, price increases, or by persuading the reader to take an action, such as attend a meeting, or change a current production procedure.

Business means dealing with risks. Risks can cause lower profit, no profit and even loss. Therefore, the start of a business needs careful planning to ensure success and longevity. Important factors for consideration for starting a business are as follows:
1. Selection of line of business: The first thing to be decided by any entrepreneur of a new business is the nature and type of business to be undertaken. He will obviously like to enter that branch of industry and commerce, which has the possibility of greater amount of profit. The decision will also be influenced by the customers' requirement in the market and also the kind of technical knowledge and interest the entrepreneur has for producing a particular product.

2. Size of the firm: Size of the firm or scale of its operation is another important decision to be taken at the start of the business. Some factors favour the large size whereas others tend to restrict the scale of operation. If the entrepreneur is confident that the demand of the proposed product is likely to be good over time and he can arrange the necessary capital for business, he will start the operation on a large scale. If the market conditions are uncertain and risks are high, a small size business would be a better choice.

3. Choice of form of ownership: In relation of ownership, the business origination may take the form of a sole proprietorship, partnership, or a joint stock company. Each form has its own merits and demerits. The choice of the suitable form of ownership will depend on such factors as the line of business, capital requirements, liability of ownership, division of profit, legal formalities, continuity of business, transferability of interest and so on.

4. Location of business enterprise: An important factor to be considered at the start of the business is the place where the enterprise will be located. Availability of raw materials and labour, power supply and services like banking, transportation, communication, warehousing etc. are important factors while making this choice.

Activities undertaken by human being to fulfill their daily needs and requirement can be differentiated form selling of vegetables to making a rocket or teaching in a school to developing artificial intelligence and robotics. All these activities come under the category of economic activities.

All the activities which are undertaken to earn some financial benefit can be considered to be done to fulfill their needs. Human beings also so much hard work to increase their benefits as their income is not sufficient to fulfill their all wants and desires.

Profession : Includes those activities which require special knowledge and skill to be applied by individuals in their occupation. Those engaged in Professions are knows as professional and earn their income in the form of professional fee.
Employment: It refers to the occupation in which people work for others and get remunerated in return. Those who are employed by others are known as employees and get their income in the form of wages or salaries as per their service agreement.

In general terms, the public sector consists of governments and all publicly controlled or publicly funded agencies, enterprises, and other entities that deliver public programs, goods, or services. The efficiency and effectiveness are key features of a good governance, with the public sector being responsible for finding ways to make the best use of resources (human, material, financial, etc.) to ensure the population needs coverage, in the best conditions.

Business is considered an economic activity because it is concerned with production, purchase, sale or distribution of goods and Services with an aim of earning profit. An example of activity which is economic in one side and non-economic on other side is teaching. When a teacher teaches in a school, it's an economic activity and when a teacher teaches to his children, it's a non-economic activity.