Outsourcing is hitherto another trend that is fundamentally reshaping business. It refers to a long-term contract generally, the non-core. Recently, even some of the core activities are outsourced to a third party specialists with a view to benefit from their experience, speciality, efficiency and, also investment, this phenomenon has undoubtedly become global.

1. Particular Partnership
2.  Partnership Deed.
3. Pradeep-sleeping partner, Ravi-Active Partner
4. Merits:

 i. A Firm can file a suit against the other firm or other third parties.
ii. Firm can file suit against partners.

 i. It is a limited partnership.
ii. Violation of Government rules & social responsibility not fulfill.
iii. B2B Commerce.

 i. Peddlars and hawkers
ii. Speciality shop
iii. Street traders.

a. Employment
b. Profession
c. Business.

 Industrial Activities :
i. Production
ii. Product Development
iii. Inventory Management.

Commercial Activities:
i. Placing an Order
ii. Receiving Delivery
iii. Making Payment.

No, because minimum subscription is 90% and ABC Ltd. got applications for 50% issue.

Indian Chambers of Commerce and Industry (ICCI) is playing a catalytic role in strengthening internal trade to make it an important part of overall economic activity.

 Joint Venture

1. Since the local partner also contributes to the equity capital of such a venture, the international firm finds it financially less burdensome to expand globally.

2. Joint ventures make it possible to execute large projects requiring huge capital outlays and manpower.

3. The foreign business firm benefits from a local partner’s knowledge of the host countries as regards to competitive conditions, culture, language, political systems and business systems.

4. In many cases entering into a foreign market is very costly and risky. This can be avoided by sharing costs and/or risks with a local partner under joint venture agreements.

Mail Order Houses

Two Advantages
i. They can be started with low amount of capital.
ii. They don't require the services of middle man so they are eliminated.

Two Disadvantages
i. There is no personal contact between buyers & sellers.
ii. They rely heavily on advertisement (or any other appropriate advantage or disadvantage)

Values : Providing quality product (or any other appropriate value)

1. e-commerce is concerned with the firm’s dealings with its customers, clients or suppliers. Conversely, e-business refers to undertaking industry, trade, and commerce, with the help of information technology and communication.
2. e-commerce is nothing but buying and selling of goods around the web. On the contrary, e-business is a little different as it is not limited to, commercial transactions, but it also provides other services.

Manufacturing and trading beyond the geographical boundaries of a country is known as international business. The development of communication, technology and infrastructure etc make it possible. New modes of communication and development of faster and more efficient means of transportation have brought nations closer to one another as a result of which trade between them can take place. Following are the main reasons behind international business.

The characteristics of business are as under:
An economic activity
Business is considered to be an economic activity because it is undertaken with the objective of earning money or
livelihood and not because of love, affection, sympathy or any other sentimental reasons.
Production or procurement of goods and services
Before goods are offered to the people for consumption, they must either be produced or procured by the business
enterprise. Thus, every business enterprise either manufactures the goods it deals in or it acquires them from producers,
to be further sold to the end user.
Sale or exchange of goods and services
Business involves transfer or exchange of goods and services for value. If goods are produced not for the purpose of sale
but say for internal consumption, it is not a business activity. Thus, the important characteristics of business is that there
should be exchange of goods between the buyer or the seller.
Dealing in goods and services on a regular basis
Business is a ongoing activity. it involves dealings in goods or services on a regular basis. One single transaction of sale
or purchase does not constitute business.
Profit earning
One of the main purpose of business is to earn profits. No business can survive for long without earning profit. That is
why businessmen make all possible efforts to maximize profits, by increasing the volume of sales or reducing costs.
Uncertainty of returns
 Uncertainty of return refers to the lack of knowledge relating to the amount of money that the business is going to earn
in a given period. Every business invests money to run its activities with the objective of earning profits. However, the
amount of profits that can potentially be earned is not consistent. Additionally, there is a possibility of losses being
incurred, in spite of the best efforts put into the business.
Elements of risk
Risk is the uncertainty associated with an exposure to loss. It is caused by some unfavourable or undesirable event. The
risks are related with certain factors like changes in consumer tastes and fashions, changes in methods of production,
strike or lockout in the work place, increased competition in the market, fire, theft accidents, natural calamities etc.

Indemnity means when a person promises to save the other party from the loss caused from the conduct of promisor or by the conduct of any other person. And in the insurance of fire , insurance company promises to pay a certain amount when the property is destroyed by the fire.

(i)Equity shares.
(ii) Retained earnings.

She is not right. There is always an element of risk involved in business.

1. Sources of Income: Investors invest their money in the business with the sole purpose of earning profit, since profit is a source of income, it is therefore provides the owners of business the mean with which they and their family members can live a comfortable life.
2. Continuity of Business: The incentive of earning profit keeps the man engaged in business activities. A business can only grow and gain strength if it earns profit. So earning of profit is necessary for the continuity of business.
3. Expansion of Business : One of the roles of profit in business is that businessman retains and reinvests a part of its profits in business undertaking stands on sound footing. It can expand and diversify business not only from reinvestment of funds but also getting loans from external sources for business.
4. Reward of Risk Bearing: Profit is the reward for bringing new products or processes to the market. It is a reward for a risk successfully undertaken. Profit, therefore, is a reward for the future which is uncertain.
5. Profit and Economic Development: Another role of profit in business is economic development. Profit and economic development are closely related with each other. If the firms are not earning profit then there is no economic progress in the country. If there is no economic development there is no profit to the business.
6. Profit Acts as Measure of Efficiency: Profit acts as an index of performance for business, if the business firms are earning profits. It shows that the country is progressing satisfactorily