Q.2:- State the various types of organizations in the private sector.
The various types of organizations in private sector are
(i) Sole Proprietorship It refers to the form of organization where business is owned, managed and controlled by a single individual who bears all the risks and enjoys the whole profit.
(ii) Partnership It defined as an association of two or more persons who agree to carry the business together and share the profit as well as bear risks collectively.
(iii) Joint Hindu Family This business is owned and carried on by the member of a Hindu undivided family which is governed by the Hindu Law.
(iv) Company It may be defined as an artificial person existing only in the eyes of law with perpetual succession, having a separate legal entity and common seal. It’s of two types-Private and Public.
(v) Multinational Corporations They are huge industrial organizations which extend their industrial and marketing operations through a network of their branches in several countries.