Match List I with List II
|
LIST I |
LIST II |
|
A. One man, one show |
I. Hindu Undivided Family |
|
B. Artificial person |
II. Sole proprietorship |
|
C. Existence of Ancestral property |
III. Partnership |
|
D. Unlimited Liability |
IV. Joint stock company |
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 3
The correct answer is option (3) - A-II, B-IV, C-I, D-III
Here's why:
- A. One man, one show: This refers to a sole proprietorship (II), where one person owns and operates the business and has unlimited liability.
- B. Artificial person: This refers to a joint stock company (IV), which is a separate legal entity from its shareholders and has limited liability for them.
- C. Existence of Ancestral property: This refers to a Hindu Undivided Family (I), which is a special legal entity formed by members of a Hindu family with shared ancestral property and liabilities.
- D. Unlimited Liability: This refers to a partnership (III), where each partner has unlimited liability for the business's debts and obligations.