📝 One-liners · 39 cards
Financial Management - An Overview
Governing law — Sole Prop. / Partnership / LLP / HUF / Company / Co-op Society?
Sole Prop.: None specific; Partnership: Partnership Act 1932 (Sec. 4); LLP: LLP Act 2008; HUF: Hindu Law; Company: Companies Act 2013; Co-op Society: State / Multi-State Co-op Acts
Legal entity — Sole Prop. / Partnership / LLP / HUF / Company / Co-op Society?
Sole Prop.: No; Partnership: No (not separate); LLP: Yes; HUF: No (but separate for tax); Company: Yes; Co-op Society: Yes (if registered)
Liability of owners — Sole Prop. / Partnership / LLP / HUF / Company / Co-op Society?
Sole Prop.: Unlimited; Partnership: Unlimited & joint-several; LLP: Limited to contribution; HUF: Unlimited for Karta; Company: Limited to share value; Co-op Society: Limited
Minimum members — Sole Prop. / Partnership / LLP / HUF / Company / Co-op Society?
Sole Prop.: 1; Partnership: 2; LLP: 2 designated partners; HUF: 2 (Karta + 1 coparcener); Company: 1 (OPC) / 2 (Pvt) / 7 (Public); Co-op Society: 10 (typical state law)
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