Page 1 - Lesson Note 3
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SAI INTERNATIONAL SCHOOL
CLASSS XI
SUBJECT: BUSINESS STUDIES
CHAPTER 2BUSINESS ORGANISATION
(CH 2 Lesson Notes 3Meaning of Business Undertaking& Sole Proprietorship)
MEANING OF BUSINESS UNDERTAKING
Classification
On the basis of ownership business enterprises can broadly be classified into the following
categories:
A Business enterprise is an institutional arrangement to form any business activity with profit
motive. On the basis of ownership business enterprises can broadly be classified into the following
categories: 1.private enterprises, 2.public enterprises, 3. Joint sector enterprises.
Private enterprise is classified into two types: non corporate forms and corporate forms. Non
corporate forms means the identity of the enterprises is not different form owner and in case of
corporate form the identity of enterprises is different from that of its owners.
Again non corporate forms are divided into following types: 1. Sole proprietorship business, 2.
Partnership business, 3. Joint Hindu family business. 4. Cooperative society 5. Joint stock company
