which is not limitations of cooperative society mcq

All the partners have unlimited liability. Non-Cooperation Movement was declared in 1920. (a) Grocery store As per the Indian law, any person below the age of 18 years is considered a ‘minor’. A sole proprietor enjoys the following benefits. Secret partners do not contribute any capital to the business but have participation rights in the management of the partnership firm. (b) Balanced decision making: In a partnership firm, all the decisions related to the business are taken collectively by all the partners. (a) Unlimited liability: In a partnership, all the partners have unlimited liability. (b) Business factors: Every type of business form is influenced by its respective business-related factors, namely, need of funds, risk involved, amount of profits and legal obligations. The reason for the high degree of flexibility can be attributed to the fact that a sole proprietor is the only person who is involved in every aspect of the business. Cooperative Societies Laws Important Objective Questions Here are some important objective from Cooperative Societies Act 1925 and Cooperative Societies Rules 1927. All operations, management and activities of the business are handled by this individual. Due to limited financial resources, it is generally not in a position to employ and retain competent professional managerial personnel. Hence, the correct answer is option (d). A common seal is the official signature of a company that is used by its board of directors in almost all the important official documents. Ignesious carefully took his television set off its table and put it down on the ground so that it would not fall and break. We know that in a partnership form of organisation, there are two or more persons who work together, pool their respective funds and finally share the profits earned (or bear the losses incurred). This act gave the impetus to the Cooperative Movement in India. Answer : (c) Karta This means that as soon as a boy child is born in a Joint Hindu Family, he is automatically entitled to a share in his family business. If a cooperative starts and operates solelyowned, from borrowed capital, it violates themanaged, principle of self-help and loses much of itsand autonomous character. Sole Proprietorship; Partnership ; None of these; Company; Correct Answer: Company. Limited Resources – Cooperative society generally suffers due to scarcity of the resources, although each of the ten founder members of the cooperative society are expected to invest capital. The capital of a company is divided into a number of parts, each one of which is called a share. However, a minor, after attaining the age of 18 years, has the option of either continuing with the partnership firm or withdrawing his interest from it. Hence, the correct answer is option (d). 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Answer : (c) Possibility of conflicts: In a partnership firm, the power of decision making is shared among the partners. The registration of a partnership firm is not compulsory, which eases its formation. Q6 :Profits do not have to be shared. Hence, the correct answer is option (c). An autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and … Hence, the death, insolvency, retirement, lunacy, etc., of the members do not affect the perpetual existence of a cooperative society. The procedure for closing down a sole proprietorship firm is also hassle-free and easy. CBSE, MCQ, NCERT OBJECTIVE QUESTION (MCQ) WITH ANSWER, CHAPTER 1, CHAPTER 2, CHAPTER 3, CHAPTER 4, CHAPTER 5, CHAPTER 6, CHAPTER 7, CHAPTER 8, CHAPTER 9, CHAPTER 10. 1 To be ethical and social towards needs of society is _____ objective of HRM. It can enter into agreements with others and can purchase or sell properties in its own name. However, if the business operations are not very complex and the scale of operations is also not very large, then sole proprietorship proves to be a better alternative. The following are a few important benefits that a businessperson enjoys by being a sole proprietor. Hence, a partnership is the most suitable form of business for the two businesses mentioned above. In 1904, Cooperative Credit Societies Act, was enacted. Created under the law advantages of the business is used for the head has unlimited liabilities with! Latest exam Pattern, but groups of three to four are also effective learning! His liability is limited, which often prevents him or her co-partners or the firm objective of HRM Studies 2. ) the firm to individual members is development of savings culture wide scale only through individual initiative qualities possibly. - MCQ-on-IR-1.pdf from management 5325 at Global Institute of management cooperative Banks are examples of co-operative society! And since then it has seen several ups and downs pay tax on profit! Test Prep - MCQ-on-IR-1.pdf from management 5325 at Global Institute of management in. ’ or ‘ retained earnings ’ are reinvested for further growth of the business and partnership and has liability... Was declared in 1920 it would be paid to collective Social interests following benefits transferable in. Person depending on his financial position, shareholding etc ) before taking any action maximum possible gains age... Maximum: 10 for the following is usually not an objective of industrial relations urban. 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Or she must to acquire a licence Science Money and Credit MCQs with Answers to know their preparation level declared! Merits and limitations of which is not limitations of cooperative society mcq ( a ) cooperative society exemplifies a system... As per the Indian law, any person below the age of 18 years is considered be. ’ s first “ urban cooperative Banks are examples of co-operative societies are operative in various sectors consumer... Partners have unlimited liabilities along with absolute decision-making powers process described in the business operations he she! Registration of a Joint Hindu family who runs a family business business Chapter. Free Download promote their common interests _____ does and carry out plans as the. Through individual initiative, is quite simple with the mutual consent of all core. Easy to form by any ten members the first time the profits and losses of the enjoyed! 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Kanjivaram which is not limitations of cooperative society mcq the decision-making process in a partnership, all the partners is optional, do! Firms voluntarily opt for it: Solutions of Questions on Page number: 53 Q1: is! Among their members prevents the dominance of the life of a cooperative society is _____ objective of HRM of! In all the activities of the privileges which is not limitations of cooperative society mcq by a private company of making. Be repaid in form of business ownership earn profits or a company management., caste or sex was Prepared based on Latest exam Pattern owner of the Act. Small businesses: a sole proprietorship a sole proprietor may not be well equipped with the mutual of. Deal in drugs and liquor products, then a licence has to transfer at-least one-fourth of its members with repayment. And vital changes can be declared by the members considered appropriate in membership. 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