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WHAT IS A FIRM?

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FIRM The firm is a constituent element of an industry. Firms of different sizes , location, ownership, efficiency constitute an industry. The immediate environment of a firm is limited to the industry to which it belongs. Firms come under organization and falls in to the sub-classification Non-corporate enterprise. The non corporate Enterprise is divided in to 1) Partnership firm and 2) Joint Hindu family Firm Definition: According to section 4 of the Indian partnership Act 1932 “ Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all “ Essential Characteristics of Partnership Firm 1.Agreement : Partnership is the result of an agreement between 2 or more persons. It may be oral or write. It must satisfy all the requirements of a valid contract. 2.Bussiness : The ultimate aim of the agreement is to do lawful business or profession. An illegal act...
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A void negative sources, people, places, things & habbits. B elieve in youself C onsider things from every angle. D on't give up and don't give in. E njoy life today, yesterday is gone, tomorrow may never come. F amily and friends are hidden treasures; enjoy their riches. G ive more than you planned to. H ang on to your dreams. I gnore those who try to discourage you. J ust do it. K eep trying no matter how hard it seems, it will get easier. L ove yourself first and most. M ake it happen. N ever lie, cheat or steal, always strike a fair deal. O pen your eyes and see things as they really are. P ractice makes perfect. Q uitters never win and winners never quit. R ead, study and learn about everything important in your life. S top procrastinating. T ake control of your own destiny. U nderstand yourself in order to better understand others. Visualize it. W ant it more than anything. X cellerate your efforts. Y ou are unique of all God's creations, ...
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