Definitions

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Definitions

Meaning- Prof. L.H. Haney has stated that “Company is not a natural individual developed by law who has a separate entity with a continuous sequence and common seal”. Justice Lindley has stated that a company is an association of individuals who contribute in form of money or the worth of money to a common stock and assign it for some specific objective.

Definition- An organization is the third legal business structure and has a whole different administrative structure from the individual proprietorship or partnership. It was established with the purpose of an individual proprietorship. Also, partnership are not able to meet the increased capital demand of industry and commerce. Secondly, an organization makes sure the security of restricted accountability of the stakeholders and investors. 

There are three main activities of a business:

• Merchandising activities. This include activities that deal with products in a ready to sell form that are easy to sale.
• Manufacturing Activities. This include from buying the raw material and then using the labor and factory on the raw material to form a product.
• Services Activities. This include banking, education, protection and training actions, all of these come under this.