Forms of Business Organisation — Business Studies STD 11 Commerce — Question

Harish took a fire insurance policy of 50 lakh for his factory at the annual premium of 50,000. In order to avoid further increase in the premium amount, he did not disclosed the fact that highly explosive chemicals are being used in his factory to aid production. Due to a fire, his factory gets severely damaged. The insurance company refused to make the payment for claim as it came to know about the usage of the highly explosive chemicals in the factory.

Is Harish entitled to receive the claim? Explain the relevant principle of insurance violated by Harish.

Ravi, Pradeep, Satyender and Dharmender are partners in a partnership firm. Ravi and Satyender take active part in the operation of business whereas Pradeep has contributed in Capital but do not take part in day to day activities of the business. Dharmender is a nominal partner. All four make partnership for a specified time period and also make written agreement to govern the partnership but they does not get the firm registered.
a. What is meant by nominal partner ?
b. Which type of partnership is there between the partners in above?
c. What is written agreement between the partners called?
d. What type of partners Pradeep and Ravi are?
e. Give two merits of getting firm registered.

Mr. Singh is in ‘lighting’ business for the post 15 years. To help his friend, Mr Yadav, a beginner he projected himself as a partner before Mohd. Abdul, a whole sale dealer of fancy lights. Mohd. Abdul gave Mr. Yadav the stock without asking for payment and gave him credit limit of one month. Will Mr. Singh be liable to Md. Abdul if Mr. Yadav does not pay him on time ? Classify Mr. Singh’s role here along with an explanation 

Discuss some of the steps taken by the government to address the problem of pollution generated by industries.

Define promoter. What are the functions of a promoter?

What is the purpose of NABARD?

Sparsh Mart Ltd. which was earlier operating only in Ahmedabad decided to expand its operations in two other states. So to get required funds, it invited general public to subscribe for its public issue of ₹50 crores through an initial public offer (IPO). It received applications for shares of ₹40 crores.
Can the company proceed with allotment of shares? Why or why not? Give reasons in support of your answer.

Give the features of business ethics.

What are merchant corporations? Explain their functions.

Which values are of utmost importance while we get involved in e-business?