Transfer of interest refers tro transfer of ownership of property ,objects from one party to another. Transfer of interestb is possible in case of business businessman can transfer his business to another persoon. But in case of  profession or employement, transfer of interest is not possible . eg - a professional say a doctor cannot transfer his/her medical degree to anotherv person and make him / her a doctar. Also,in employement an employee cannot transfer his/her job to another person.

Following are the main characteristics of management:

• Management is a Goal Oriented Process: We need management when we have some goals to be achieved. A manager on the basis of his knowledge and experience tries to achieve the goals which are already decided.
• Management is all Pervasive: All types of activities-business and non-business require management for successful completion. If we remove management from these activities, the result will be a failure. Hence, management is necessary to conduct any type of activities. Hence, it is pervasive or universal.
• Management is a Group Activity: This means that it is not a single person who completes all the activities of an organisation but it is always a group of persons (Managers).Hence, management is a group effort.
• Management is an Intangible Force: Management cannot be seen. It can only be felt. If any organisation is heading toward higher levels of achievement, it signifies an existence of good management and vice-versa.

Types of Warehouses : There are various types of warehouses :
1. Private Warehouses : These are the warehouses owned by the traders or producers. In these warehouses they keep their own products and do not allow anybody else to keep their goods. Hence they are called private warehouses.
2. Public Warehouses : These warehouses are owned by private companies and government agencies. These godowns are large size and used by all persons such as traders, farmers, exporters, importers and government agencies. These godowns are located in the commerical centres of big cities. Their main objective is to make earning by providing storing facilities.
Once the goods are stored in the godown, warehouse receipt is issued to the owner of goods. After making the payment of godown charges goods are returned.
3. Bonded Warehouses : These are public warehouses which are licensed by the Government to accept imported goods for storage before payment of customs duty by their importers. When the importer finds that he cannot conveniently make payment of customs duty on the goods imported by him, he can request the customs authorities for storage of goods in the bonded warehouse till the customs duty is paid.
4. Duty paid Warehouses : These warehouses are located near the ports but are outside the dock bonds. They are constructed by Port Trust Authorities. We have such warehouses in Mumbai. When duty is paid on imported goods the importer can take the goods away into the domestic market.

Mutual agency is the right of all partners to represent the company's normal business operations and the authority to bind it to mutual contracts and agreements. In leman's terms, it is the authority given to a person doing business on behalf of the company, usually a business owner or partner. Mutual agency is the legal relationship between partners in a partnership where each partner has authorization powers and the ability to enter the partnership into business contracts. In other words, each partner in the partnership is an agent in the business and the authority to make business decisions that commit or bind the partnership, as a whole, to a business agreement with a third party or entity.
Mutual agency only exists for partners acting within the scope of normal business operations and dealings. For example, a retailer apparel partner with agency would not be able to contract the other partners into a deal to purchase a piece of investment real estate because this would be outside the normal operations of the business.

One of the retail partners can, on the other hand, purchase goods from a vendor and require the partnership pay for the goods. This transaction is within the normal course of operations of the business.

Bad debts are those items of charge on the profits of the company that indicate the sums of money that could not be recovered from a debtor, during the year. In order to record the number of bad debts correctly, such sum is charged to the profit and loss account and deducted from the value of debtors for that year, so that the amount represents money that is actually expected to accrue from the debtors.

Demerits of Joint Stock Company is as Follows: -

1.       Difficulty in Formation: -The formation of the company is in itself a very difficult and involves too many formalities. Promoters have to prepare and submit various documents to the registrar of companies for approval i.e. Articles of Association, Memorandum of Association etc. the public limited company cannot commence business without obtaining a certificate of commencement of business. Registration of Joint Stock Companies is compulsory as per Indian Companies Act, 1956. Thus the formation is complicated, costly and time consuming.

2.       Delay in Decisions: - In sole trading concern, and partnership firm decisions can be taken quickly. Company business is managed by Board of Directors who are not owners of the company. Therefore, there is no direct motivation for directors to give their best to the company. Moreover, for taking various decisions and getting them approved from share holders, they have to hold board Meeting and share holders meeting, for which a proper procedure has to be followed. That results into delay in decision making, good business opportunities may be lost.

3.       Excessive Government Control: - There is a lot of government interference in the working of the company. Various rules and regulation of the companies Act have to be strictly followed by the company, the non – compliance of any of these provisions results into penalties for the officers involved.

4.       High cost of Management: - The management of joint stock company form of organization is costly. The formation involves availing of the expert services of many professional like underwriters, financial and technical experts, share brokers, solicitors, bankers etc.

5.       Undue Speculation: -since directors are responsible for the management of the company, they sometime use the confidential information for speculation and for personal gains. This results in sudden fluctuations in prices of shares in stock exchange, adversely affecting the public confidence.

6.       No Personal Contact: -Due to very large size of the organization, employees feel that their efforts are not recognized and appreciated, their work related problems are not taken care of. as a result they feel demoralized and their productivity declines.

7.       Lack of Secrecy: -There is no business secrecy involved in the company form of organization since it has to fulfill various statutory requirements.

8.   No Direct Effort Reward Relationship: -Since the ownership and management are separate, there is no direct relationship between the efforts and rewards. This can be de motivating for the owners of the company

Sole Proprietorship in simple words is a one-man business organisation. Furthermore, a sole proprietor is a natural person(not a legal person/entity) who fully owns and manages this type of entity. In fact, the business and the man are the same, it does not have a separate legal entity.

In addition, a sole proprietorship usually does not have to be incorporated or registered. Thus, it is the simplest form of business structure and the ideal choice to run a small business or medium scale business. Let us look at some important features of a proprietorship.

Continuous increase in the profits of any enterprise
is possible only by performing useful services to the society. Infact, objectives are needed in every area that influences the survival and prosperity of busi¬ness. Since a business has to balance a number of needs and goals, it requires multiple objectives.
The five multiple objectives of business are as follows:

1. Market standing : Market standing refers to the position of an enterprise in relation to its competitors. A business enterprise must aim at stronger market standing in terms of offering competitive products to its customers and serving them to their satisfaction.
2. Innovation : Innovation is the introduction of new ideas or methods in the way something is done or made. There are two kinds of innovation in every business, i.e.,
   (i) innovation in product or service.
   (ii) innovation in the various skills and activities needed to supply them.
3. Productivity : Productivity is calculated by comparing the value of outputs with the value of inputs. It is used as a measure of efficiency.
4. Physical and financial resources : Any business requires physical resources like plants, machines, offices, etc., and financial resources i.e. funds to be able to produce and supply goods and services to its
   customers.
5. Earning profits : One of the main objectives of business is to earn profits on the capital employed.
   Profitability refers to profit in relation to capital investment. Every business must earn a reasonable profit which is crucial for its survival and growth

Characteristics of Business
(i) Economic Activity Business is considered to be an economic activity because it is
undertaken with as aim of earning money or livelihood.
(ii) Production or Procurement of Goods and Services Goods are offered to consumers after they are either produced or procured by business enterprises. Thus, every business enterprise either manufactures the goods it deals in or it acquires them from other producers, to be further sold to consumers or users.
Goods may be consumer goods like television, tea, pen, etc or capital goods like machinery, furniture, etc. Services may include facilities offered to consumers in the form of transportation, banking, electricity, etc.
(iii) Sale or Exchange of Goods and Services Business involves transfer or exchange of goods and services for value addition. If goods are produced for self consumption and not for selling purpose, it cannot be called a business activity. Cooking food at home for the family is not business, but cooking food and selling it to others in a restaurant is business. Thus, one essential characteristic of business is that there should be sale or exchange of goods or services between the seller and the buyer.
(iv) Regular Dealings in Goods and Services Business involves dealings in goods or services on a regular basis. Therefore, one single transaction of sale or purchase does not constitute business.
(v) Profit Earning The primary objective of business is to earn profit. For this businessmen make all possible efforts by increasing the volume of sales or reducing cost. It is an essential factor as growth and expansion would be possible only when a business is making profit.
(vi) Uncertainty of Return Business should not be considered as bed of roses. At every step
problems and obstacles hinder the path of success. One cannot expect the actual returns an investment as there is always a possibility of losses.