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- 4. Liability refers to the legal responsibility of a person or business to pay debts and obligations.
- 5. Legal Entity A separate legal entity means that the business has its own legal identity distinct from its owners and can own property, enter contracts, and sue or be sued in its own name.
- 6. Undivided Family (HUF) Hindu Undivided Family is a form of business organisation based on Hindu law, where the business is owned and managed by members of a family descended from a common ancestor.
- 8. Partnership is a form of business organisation in which two or more persons agree to carry on a business and share its profits and losses.
- 10. A partner is a person who agrees to join a partnership business and contributes resources, shares profits and losses, and participates in the management of the business.
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- 1. Coparceners are the members of a Hindu Undivided Family who have a right by birth to the property of the family business.
- 2. Business refers to an economic activity involving the production, purchase and sale of goods and services with the aim of earning profit and satisfying human needs.
- 3. Proprietorship Sole proprietorship is a form of business organisation which is owned, managed and controlled by a single person who bears all the risks and receives all the profits.
- 7. Liability Unlimited liability means that the owner(s) are personally responsible for all the debts of the business, and their personal assets can be used to repay business liabilities.
- 9. Karta is the head of a Hindu Undivided Family (HUF) business who manages and controls the business affairs.