Download App

Entrepreneurial Planning — Entrepreneurship STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Planning3 Marks
Question
Two years ago Gopal started manufacturing low fat, sugar-free ice-cream on a small scale basis in his home town, Vishakhapatnam. After some time his ice-cream became popular among health conscious young customers and old persons specially those having diabetes or some heart ailment. Because of the popularity of the ice-cream, the demand has increased manyfold. Gopal is unable to meet the same, because of his limited managerial ability and limited capital. Gopal also felt that whenever he fell sick his business was temporarily closed. To overcome this problem he decided to admit in the business his friend Mohan who has recently completed his MBA and is ready to invest money for the expansion of the business. Mohan advised Gopal to get their firm registered.
  1. State three limitations indicated in the above para from which Gopal’s business suffered.
  2. Why did Mohan advise Gopal to get the firm registered?
✓

Answer

  1. Limitation from which Gopal’s business suffered are:
  1. Limited capital.
  2. Limited managerial ability.
  3. Limited continuity.
  1. Consequences for non–registration of a partnership firm:
  1. A partner cannot file a suit in any court against the firm or other partners for the arising from a contract or right conferred by the Partnership Act.
  2. A right arising from a contract cannot be enforced in any Court by or on behalf party.
  3. Further, the firm or any of its partners cannot claim a set off (i.e. mutual adjustment of parties to one another) or other proceedings in a dispute with a third party.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "3 Marks Question" from Entrepreneurial Planning→Entrepreneurial Planning — all question types→Entrepreneurship STD 12 Commerce question papers→CBSE Board STD 12 Commerce question papers→CBSE Board question paper generator→

Similar questions

'Personal-selling plays a very important role in Sales Promotion.' State any six points of such role of Personal-Selling in Sales Promotion.
→
Explain the following as elements of a Project Report:
  1. Description of the promoters of the enterprise.
  2. Economic viability and Marketability.
→
Value chain analysis works towards one goal. What is it?
→
How business environment can be classified into different categories?
→
For what purpose is finance required right from the very beginning, i.e. conceiving an idea?
→
Answer each of these questions in about fifteen words:
How will you differentiate between financial market with other market? Give one difference.
→
What do you mean by financial management?
→
Answer each of these questions in about fifty words:
Entrepreneur can use the capital raised for a variety of purposes, what are they?
→
Ms. Rosy is a readymade garments manufacturer. Her Annual Usage rate is 225Pcs. The cost of placing each order is ₹ 8/- and the carrying cost is ₹ 4 per unit. Calculate the Economic Order Quantity (EOQ). How does calculating EOQ facilitate budgeting?
→
Name and explain the idea field which deals with providing a new technique of teaching.
→