· Economic activities - these are those activities, which are undertaken to earn a living. The main motive behind these activities is to create wealth and to earn an income.
· Non-Economic activities - these activities are undertaken not for earning materiel rewards but for personal satisfaction or due to religious or social obligations.
· Profession - it may be defined as an occupation, which involves the rendering of personal services of a specialized nature on the basis of professional knowledge, education and training.
· Business - It may be defined as an activity, in which different persons exchange something of value, whether goods or services, for mutual gain or profit.
· Social Obligation of Business - May be defined as the personal obligation of businessman to insure that they do not impinge upon the legitimate rights of others while acting in their own interest.
· Social Values - Social values may be defined as a system of beliefs shared by all the members of society regarding the desired norms for human conduct.
· Business Ethics - Business Ethics may be defied as a set of standards or principals governing the moral conduct of businessman.
· Commerce - It is concern with the buying, selling and distribution of commodities. It is an organized system for the exchange of goods and services between the member of the business world and the rest of society.
· Warehousing - It is an important function of commerce. It implies holding or preservation of goods from the time their production or purchase until their consumption or sale.
· Business under Taking - A business under taking is an organization, which is engaged in some business, or commercial activates. It may be owned and controlled by a single individual or a group of individuals.
· Joint Sector Undertakings - Joint sector consists of those business undertaking where is the ownership, management and control are shared jointly by the government, private, enterpenures and the public.
· Public Sector Undertakings - These are those business enterprises, which are owned and managed by the government.
· Private Sector Undertakings - These undertakings are controlled, owned and managed exclusively by private businessman. There is no participation by the state.
· Sole Proprietorship - In this form, a single individual is solely responsible for providing the capital, for bearing the risks and for the overall management and control of the enterprise.
· Joint Hindu Family Business - It may be defined as a form of business organization in which all the male members of a Hindu undivided family carryon business under the management and control of the head of the family called Karta.
· Partnership - It is defined as a 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.
· Partnership Dead - A partnership is formed as a result of an agreement between two or more persons. Such a written partnership agreement is known as partnership dead.

 

A) ECONOMIC
B) NON - ECONOMIC

BUSINESS
PROFESSION
EMPLOYMENT

RELIGIOUS
SOCIAL
PARENTAL
PATRIOTIC

SALE, TRANSFER OF EXCHANGE
DEALINGS IN GOODS AND SERVICES
REGULAR DEALINGS
PROFIT MOTIVE
RISK
CREATION OF UTILITIES
ECONOMIC ACTIVITY

-ECONOMIC OBJECTIVES :-

-EARNING OF ADEQUATE PROFITS
- CREATING CUSTOMERS
- INNOVATIONS

-SOCIAL OBJECTIVES :-

-QUALITY GOODS AND SERVICES
-REASONABLE PRICES
-PROVISION OF EMPLOYMENT

-HUMAN OBJECTIVES
BUSINESS MUST ADOPT ETHICAL PRACTICES IN DEALING WITH SUPPLIERS, COMPETITORS AND OTHERS.

-INCENTIVE
-SURVIVAL
-GROWTH AND EXPANSION
-PRESTIGE
-MAJOR OF EFFICIENCY

-SELF INTEREST
-CREATION OF SOCIETY
-RESPONSIBILITY TOWARDS CUSTOMERS
-RESPONSIBILITY TOWARDS GOVERNMENT
- RESPONSIBILITY TOWARDS THE PUBLIC
- RESPONSIBILITY TOWARDS SUPPLIERS AND COMPETITORS

-SOCIAL VALUES
-LEGISLATION
-GOVERNMENT RULES AND REGULATION
-INDUSTRY NORMS
-PERSONAL VALUES
-PROFESSIONALISATION

-INDUSTRY, AND
- COMMERCE

1. TWO OR MORE PERSONS
2. AGREEMENT
3. LAWFUL BUSINESS
4. SHARING OF PROFIT
5. MUTUAL AGENCY
6. UTMOST GOOD FAITH
7. UNLIMITED LIABILITY
8. RESTRICTION ON TRANSFER OF INTEREST

- GENERAL PARTNERSHIP
- LIMITED PARTNERSHIP
- PARTNERSHIP AT WILL
- PARTICULAR PARTNERSHIP

1. ACTIVE PARTNER
2. SLEEPING PARTNER
3. SECRET PARTNER
4. LIMITED PARTNER
5. PARTNER IN PROFIT ONLY
6. NOMINAL PARTNER
7. MINOR AS A PARTNER

- TRANSPORT
- WAREHOUSING
- BANKING
- INSURANCE
- ADVERTISING
- PACKING

1. TRANSPORT
2. WAREHOUSING
3. INSURANCE
4. BANKING
5. PACKING
6. ADVERTISING AND SALE PROMOTION.

1. PRIVATE SECTOR UNDERTAKING
2. PUBLIC SECTOR UNDERTAKING
3. JOINT SECTOR UNDERTAKING

1. SOLE PROPRIETORSHIP
2. JOINT HINDU FAMILY FIRM
3. PARTNERSHIP
4. JOINT STOCK COMPANY
5. CO-OPERATIVE SOCIETY

- SINGLE OWNERSHIP
- ONE MAN CONTROL
- NO LEGAL ENTITY
- UNLIMITED LIABILITY
- NO PROFIT - SHARING
- SMALL SIZE

- LIMITED CAPITAL
- LACK OF SPECIALIZATION
- UNLIMITED LIABILITY
- UNCERTAIN LIFE
- LIMITED SCOPE OF EXPANSION.

1. DAYABHAGA, AND

2. MITAKASHORA

1. MEMBERSHIP BY BIRTH
2. MINOR MEMBERS
3. RESTRICTION ON FEMALE MEMBERSHIP
4. NO LIMIT ON MEMBERS
5. NO NEED FOR REGISTRATION
6. MANAGEMENT BY KARTA
7. RIGHT TO ACCOUNTS
8. LIABILITY
9. PERPETUALITY
10. APPLICATION OF HINDU LAW.