Niji's Blog

Partnership business- Advantages, disadvantages and statutory formalities to start a partnership business             Indian Partnership Act, 1932 defines partnership as the relationship between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. When two or more persons jointly decides to form and run a business with joint ownership working together with a profit motive, and share profits or losses arising out of the business, such business is called a partnership business. Partners contribute towards money, property, labour and skill in the agreed proportions. The partnership business is collectively called a firm. A minimum of two persons and a maximum of fifty persons can form a partnership business. Partners must have attained 18 years age and should not be a lunatic or insolvent. Business conducted by a firm can be any trade, occupation or profession. Charitable wo...

             ESFJ personality type is one of the sixteen different personality types under the MBTI personality types. This personality covers about 12% of the general population. They are extrovert, sensing, feeling and judgmental personalities. They are socially active and people centered persons. They are positively spirited people with high values. They are generally seen in the spotlight leading and guiding other people. They are good organizers supportive to their friends and family. These people are fashionable, gossiping and practical people. They are altruistic, socially contributive and responsible persons upholding tradition and values. They love to serve other people and are devoted to family and friends. They are good parents for their children. They respect hierarchy and loves authority. These people enjoy friendships and find time for friends with a selfless mind. They organize social events very well and seek appreciation and validat...

             ISFJ personality type is one among sixteen personality types in the Myers Briggs Type Indicator (MBTI) which is used to assess the personality type of a person. This personality type comprises of 13% of the general population. They are introvert, sensing, feeling and judgmental persons. They are warm, efficient, responsible and practical persons with a unique personality. They are reserved persons but do have good social skills. They are very altruistic persons who are always interested to help others. Their analytical skills make them excel in medicine and academics. They are naturally social people with a kind and generous mind. They love to work behind the scene and doesn’t love spotlight. They are loyal, compassionate and caring persons with a high spirituality and a sense of conscience. They are conservative, disciplined persons who love to work with co operation and harmony with others. They love to have stable and long lasting re...

            Proprietorship business is the simplest form of business. It can be started by a single individual. There are very few legal formalities for setting up a proprietorship business when compared to any other form of business. Profits and losses of the business is beared by the proprietor alone. Taxation for this type of business is simple since only individual tax rates are payable as income tax. There is no separate income tax for the business. There is no separate legal entity for a proprietorship business distinct from the proprietor. The proprietorship business have an unilimited liability and all the debts and liabilities are borne by the proprietor himself. Registrations such as VAT/CST/GST etc. are to be taken according to the nature of the business. A proprietorship business can be started with low investment and is ideal for small scale businesses. Advantages of a proprietorship business 1)     Proprietor ...

            For starting a new business, there are different business formations. Each and every business form has it’s own advantages and limitations. The common forms of business which are accepted worldwide are the following 1)     Proprietorship business Proprietorship business is the most common and the simplest form of business. It can be formed very easily. It can be started by a single person who is called as a sole proprietor or sole trader. It has the least formalities for starting a business and it is the most comfortable form of business. Profits and losses of the business is beared alone by the sole proprietor. This form of business is ideal for small businesses where there is no need of big financial investment. Proprietorship business has no separate legal existence distinct from the owner. Liability of a proprietorship business is unlimited. Taxation matters are simple for proprietors compared to any other form ...

             ENFP personality is one of sixteen(16) the personality types assessed according to Myers Briggs Type Indicator(MBTI). This personality type comprises of 7% of the general population. They are extrovert, intuitive, feeling and perceiving persons. They are creative persons with new ideas. They always focus on possibilities. They are energetic, warm and passionate persons who loves to work with other people and loves to help them in boosting their creativity. They are self expressive, witty, humorous, imaginative and art loving people. They are energized by working and having activities with other people. They are generally masters in language. They are enthusiastic, spontaneous, flexible and people centered persons. They hate mundane activities and are drawn to inventive ideas. They are curious about others. They are highly emotional people with intense emotions. They love novel ideas and have varied interests, having friends from differe...