BUS 203 Lecture Notes - Hindu Joint Family, Online Banking, Banking Regulation Act, 1949
Document Summary
The term business is derived from the word busy". The business is a stage of being busy. It refers to those economic activities which are connected with the production or purchase and sale of goods or supply of services with the main objective of earning profit. Economic activities are those activities undertaken by people with the object of earning money for livelihood. Commerce is the sum total of all those activities which are concerned with the transfer of goods and services from the producers to the consumers. Joint hindu family business refers to a business which is owned by the members of joint hindu family. It is also known as hindu undivided family business. It is one of the oldest forms of business organisation found only in india: define partnership". Partnership formed without specifying time period of operation is known as partnership at will. This type of partnership exists at the will of the partners.
