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Yaser Siddiquee 7 years ago
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Gaurav Seth 7 years ago
| Meaning | When two or more persons agree to carry on a business and share the profits & losses mutually, it is known as a Partnership firm. | A company is an association of persons who invests money towards a common stock, for carrying on a business and shares the profits & losses of the business. |
| Governing Act | Indian Partnership Act, 1932 | Indian Companies Act, 2013 |
| How it is created? | Partnership firm is created by mutual agreement between the partners. | The company is created by incorporation under the Companies Act. |
| Registration | Voluntary | Obligatory |
| Minimum number of persons | Two | Two in case of private company and Seven in case of public company. |
| Maximum number of persons | 100 partners | 200 in case of a private company and a public company can have unlimited number of members. |
| Audit | Not Mandatory | Mandatory |
| Management of the concern | Partners itself. | Directors |
| Liability | Unlimited | Limited |
| Contractual capacity | A partnership firm cannot enter into contracts in its own name | A company can sue and be sued in its own name. |
| Minimum capital | No such requirement | 1 lakh in case of private company and 5 lakhs in case of public company. |
| Use of word limited | No such requirement. | Must use the word 'limited' or 'private limited' as the case may be. |
| Legal formalities in dissolution / winding up | No | Yes |
| Separate legal entity | No | Yes |
| Mutual agency | Yes | No |
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Gaurav Seth 7 years ago
Joint Venture
1. A joint venture means establishing a firm that is jointly owned by two or more otherwise independent firms.
2. In the widest sense of the term, it can also be described as any form of association which implies collaboration for more than a transitory period.
Mahindra & Mahindra is an automobile industry in India. In 2005 Mahindra & Mahindra had a joint venture agreement with Renault which is a French car manufacturing company to produce and commercialize Logan. The joint venture is a 51:49 partnership between Mahindra & Mahindra and Renault. The Logan plant at Nasik has a capacity to produce 50,000 units per year (Mahindra, 2010). The main aim of this joint venture between these two companies is to produce no-frills Logan car with class-defying features at an aggressive price & launch them exclusively for the Indian market with the advantage of using dealers of Mahindra in order to reduce the time required to increase the market shares
Posted by Agrawal Agrawal 7 years ago
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Gaurav Seth 7 years ago
Knowledge Process Outsourcing
KPO is a kind of outsourcing whereby, functions related to knowledge and information are outsourced to third party service providers. Professionally qualified workers are required.
Features of KPO :
1. It is one step extension of BPO (Business Process Outsourcing).
2. It calls for the application of specialised domain knowledge of high level.
3. It involves a component of Business Processing Outsourcing (BPO), Research Process Outsourcing (RPO) and Analyses Process Outsourcing (APO).
4. BPO industry handles more amount of high skilled work other than the BPO industry.
5. The future of KPO has a high potential as it is not restricted to only IT, IT’s sectors. It includes other sectors like legal processes, intellectual property and patent related services, engineering services etc.
6. It derives its strength from the depth of knowledge, experience and judgement sector.
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Dolly ?️ 7 years ago
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Gaurav Seth 7 years ago
- Personal character : SSIs enjoy personal character.
It is generally owned by a single entrepreneur or partnership. - Simple managerial structure : It is managed by owners only. Thus, can reap the benefits of direct motivation, secrecy, flexibility, etc.
- Labour incentive techniques : There is pre-dominance of labour. These units use labour incentive techniques of production instead of mechanised methods of production.
- Local area of operations : The operations of a unit are localised. It depends mainly on local resources but products are exported all over the world.
- Simple technology : The machinery and equipments used for production of goods are operated manually and are not very sophisticated.
Posted by Dolly ?️ 7 years ago
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Gaurav Seth 7 years ago
It is Barter system
Barter system of exchange was the system of exchange in which goods were exchange for goods. This system was in practice in ancient times when there was no medium of exchange there was no money that they can exchanged so because of that goods were exchanged with goods..
Mayank Bansal 7 years ago
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Rattandeep Singh 7 years ago

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Yaser Siddiquee 6 years, 11 months ago
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