A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task.

(1)Two or more individuals or enterprises, either private or government, owned or a foreign company joining together through participation in equity capital for achieving a common target and mutual benefit is known as joint venture.
(2)Joint venture involves pooling of resources and expertise as well as sharing of risks and rewards by these enterprises.
(3)These enterprises agree to join together for the expansion of business, development of new products or for penetrating into new foreign markets.
(4)Joint ventures are formed either for long-term projects or for short-term projects.
(5)The basic purpose of joint ventures is to attain a strong position for both the enterprises.

 Sole proprietorship will be more suitable for beauty parlour because:

• It has easy formation and closure.
•  It needs limited resources.
• He will be sole risk bearer which is not so high and profit recipient.
• He will have 100% control.
• personal services.

For chartered accountancy firm, partnership firm will be more suitable because it has:

• Ease of formation and closure
•  Balanced decision making
• More funds
• Sharing of risks
• Maintain secrecy

A Sole proprietorship can be explained as a kind of business or an organization that is owned, controlled and operated by a single individual who is the sole beneficiary of all profits or loss, and responsible for all risks. It is a popular kind of business, especially suitable for small business at least for its initial years of operation. This type of businesses is usually a specialized service such as hair salons, beauty parlors, or small retail shops.

Notes are available here : https://mycbseguide.com/cbse-revision-notes.html

Memorandum of Association defines the objects for which the company is formed. This is the main document of the company and is subordinate to the Companies Act. Memorandum of Association defines the relationship of the company with outsiders. Acts beyond the Memorandum of Association are invalid and cannot be ratified even by a unanimous vote of the members. Every company has to file a Memorandum of Association.

Human activities are classified into economic and non-economic activities. Economic activities are those which are performed for some economic consideration and they are undertaken to earn a living, whereas non-economic activities are performed for psychological satisfaction and out of love, sympathy, patriotism, etc. Economic activities are concerned with all those activities which are concerned with the production, consumption and distribution of goods and services which are not available for free.  But, there is no expectation of any kind of monetary reward or benefit in non economic activities. For example, when a doctor treats a patient at a hospital or a clinic, he charges a fee for that, thus it becomes an economic activity. However, when the same doctor treats his son/daughter at home, it becomes a non-economic activity. The same can be applied to a teacher teaching students in a school for which she takes the salary and hence becomes an economic activity whereas teaching her own children at home is a non economic activity.

Partnership deed is a legal document, signed by all the partners, which contains the terms and conditions of the partnership agreement.

1. <font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;">Cost and Ease at Setting up the Organization: According to the cost of setting up, sole proprietorship is the most inexpensive of all. But, the legal requirements are minimum an the sale of operations are also small. In a partnership firm, the legal requirements and the cost is minimum due to the limited scale of operations. Registrations for co-operative stores and companies are mandatory an the formation of a company is lengthy and expensive as well. Looking at the initial cost factor, sole proprietorship is the most economical. There is more cost involved in the formation of a company.</font></font>
2. <font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;"><font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;"><font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;">Liability: The liability o owner/partner I unlimited in the case of sole proprietorship and partnership. The owners are liable to pay the debt from their personal assets. In a Joint Hindu undivided family, the Karta has unlimited liability. In the case of companies an o-operative societies, the creditor can limit their debt only to the extent of the assets of the company. From the investors point of view, company form of organization is best suited.</font></font></font></font></font></font>
3. <font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;"><font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;"><font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;">Continuity: Death, insolvency or insanity affects the sole proprietorship and partnership. This is not so in the case of a Joint Hindu Undivided family, co-operative societies and companies. For short term project, sole proprietorship or partnership is preferred.</font></font></font></font></font></font>
4. <font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;"><font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;"><font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;">Management Ability: A sole proprietor might not be well versed in all the activities. There is no such problem in forms like partnership or companies. But there is a drawback of conflict or difference in opinion. Complexity of organizational structure also requires professional handling an for this, company form is best. Proprietorship or partnership is recommended when the operations are simple and requires less skills to run the show. Thus, the nature of operations and professional management decides the form of organization to be chosen.</font></font></font></font></font></font>
5. <font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;"><font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;"><font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;">Capital Consideration: Companies collect huge amount of capital from investors in the form of shares. The combined resources of all partners is available in partnership, whereas the resource of sole proprietors is limited. Depending upon the scale of operations, company form can be opted and for small or medium sized business, one can choose sole proprietorship or partnership business. In terms of expansion, company form is preferred due to the capacity to raise funds and invest them in the infrastructure.</font></font></font></font></font></font>
6. <font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;"><font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;">Degree of Control: For direct control over the operations, sole proprietorship may be chosen. When the partners do not mind sharing the decision making, partnership may be the one suitable. In the company form of organization, there is total separation of opening the management because there are specialized personnel to handle the company affairs.</font></font></font></font>
7. <font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;"><font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;"><font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;"><font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;"><font face="Verdana"><font style="text-shadow: rgba(255, 255, 255, 0.3) 0px 1px 1px; user-select: initial !important; line-height: 1.5em; -webkit-font-smoothing: antialiased; font-family: roboto, sans-serif !important;">Nature of Business: For direct contact with customers, sole proprietorship is preferred. In case of large scale operation and the contact with customers is not mandatory, then company form is preferred.</font></font></font></font></font></font></font></font></font></font>

Bank card used in cash transactions, but which is not a credit card. In a debit card transaction, the amount of a purchase is withdrawn from the available balance in the cardholder's account. If the available funds are insufficient, the transaction is not completed.