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TYPES OF BUSINESS MEANING OF BUSINESS Business can be defined as an economic activity under taken for the production of goods and services with the aim of satisfying the human wants. The etymology of “business” relates to the state of being busy either as an individual or society, as a whole, doing commercially viable and profitable work….
FEATURES AND TYPES OF PROFESSION PROFESSION A profession is an occupation which involves the rendering of personal service, of a specialised nature. The service is based on professional education, knowledge, teaching, etc. The specialised service is provided for a professional fee charged from the clients. The professionals are members of professional bodies of those lines and conduct…
OBJECTIVES OF BUSINESS A business is an organisation of human, material and other intangible resources. It is created to offer satisfaction to its customers, owners, employees, managers and other stakeholders. The function of business is to create, retain and satisfy profitable customers as a means of successfully achieving the desired ends of an enterprise. Although…
MEANING OF BUSINESS Business means the state of being busy. In essence, business concerns with buying and selling goods, manufacturing goods or providing services in order to earn profit. FEATURES OF BUSINESS 1. Entrepreneur: There must be someone to take initiative for establishing a business. The person who recognized the need for a product or…
DIFFERENCE BETWEEN LLP AND PARTNERSHIP LIMITED LIABILITY PARTNERSHIP A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization. Limited Liability Partnership (LLP) is a new corporate form that enables professional knowledge and entrepreneurial skill to combine, organize and operate in an innovative…
DIFFERENCE BETWEEN LLP AND COMPANY LIMITED LIABILITY PARTNERSHIP A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization. Limited Liability Partnership (LLP) is a new corporate form that enables professional knowledge and entrepreneurial skill to combine, organize and operate in an innovative…
LIMITED LIABILITY PARTNERSHIP Limited Liability Partnership enterprise has been introduced in India by enacting the Limited Liability Partnership Act, 2008. LIMITED LIABILITY PARTNERSHIP Act was notified on 31.03.2009. A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and Partnership into a single form of organization. Limited Liability Partnership (LLP)…
WHAT IS SOCIAL RESPONSIBILITY OF BUSINESS? Social responsibility of the business means the responsibility or obligation of the business towards the society. The business should act in such a manner that it serves in the best of the interest of the society. The social responsibility of business states that what is good for society is…
MANAGEMENT AND BUSINESS ADMINISTRATION Management and Business Administration are the two terms that are used interchangeably and synonymously. Management refers to the art of getting things done through others. Administration refers to the function of determining the corporate policy and supervising the overall functioning of the concern. Various viewpoints discussed regarding these two terms are…
FUNCTIONAL AREAS OF MANAGEMENT Management is universal in nature. It is used everywhere. Its scope is not limited to the business only, wherever there is group of persons, management automatically comes into existence. The functional areas of management are as follows: PRODUCTION MANAGEMENT Production management is also known as Operations Management. Production means the creation…